Sterne Agee moves to the bear camp on Lululemon

• Sterne Agee slaps a downgrade on Lululemon (NASDAQ:LULU) to Underperform with a lowered price target of $39 to boot.
• The investment firm isn't giving much slack to new CEO Laurent Potdevin, saying the tenure of the exec has been "uninspiring" so far.
• LULU -2.3% premarket to $44.14.