Sterne Agee thinks Lululemon is ripping apart at the seams

|About: Lululemon Athletica Inc. (LULU)|By:, SA News Editor

Sterne Agee takes a harsh view of Lululemon (LULU), downgrading the retailer to Underperform from Neutral and slashing its price target to $56.

The investment firm says channel checks indicate a risk that core LULU customers have been alienated and thinks same-store sales could decelerate in 2014.

LULU -2.7% premarket.