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Shares of Lululemon Athletica Inc. (NASDAQ:LULU) may have soared 75% in the last two months but some analyst believe the climb could continue.

Analyst Barbara Gray of Odlum Brown raised her target on the stock to US$28 from US$21, saying there is still significant upside potential on the stock and that the retailer has fared far better than its competitors during a brutal recessionary sales environment in the sector.

“We continue to recommend investors establish a position in this local high-quality, debt-free, fast-growing athletic apparel company,” she wrote in a note to clients. “The stock is still down 63% from its October 2007 peak and is trading just above its US$18 IPO price from two years ago.”

Source: Lululemon's Climb Could Continue