Another High Note for Lululemon

We know, we know. Another day, another Lululemon Athletica (LULU) upgrade.

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After a great ride last week following earnings, analysts continue to sing the company's praises. Today's moment of Lululemon love comes courtesy of Corinna Freedman of Wedbush, who upgraded her rating to Outperform from Neutral and hiked the price target to $64 from $54.

In a note today, Freedman declared Lululemon’s woes to be "largely priced into the stock" and explains why now is the time to get bullish:

We previously anticipated becoming more constructive on a reset of earnings expectations to a drastically lowered bar and we found several positive takeaways from recent earnings commentary to support our pivot in outlook. We further believe the near- term set up is positive given upcoming management marketing (which should clear up lingering concerns regarding gross margin guidance,) high short interest, the April Analyst Day and a scarcity of mid-cap Consumer growth stories.

Like many of her peers, Freedman also feels upbeat about the company's prospects under new CEO Laurent Potdevin.

We further anticipate additional capsule product to drive interest post-Analyst Day and anticipate the company's recently issued guidance of $1.80-1.90 to prove beatable providing confidence in the new CEO's regime.

Shares of Lululemon have gained 1.1% to $52.48 at 3:46 p.m., while Nike (NKE) has risen 0.5% to $73.88, Under Armour (UA) has dropped 0.3% to $114.88 and the Gap (GPS) has dipped 0.1% to $40.14.