Lululemon slips as Needham downgrades to 'hold'

** Shares of yogawear retailer Lululemon Athletica LULU.O down 2.02% at $175.6 premarket

** Needham cuts to "hold" from "buy," citing challenging competitive environment, shift towards denim, and impact from tariffs

** Brokerage notes LULU was far more impacted by tariffs than expected, after the company cut its annual forecasts earlier this month blaming removal of the de minimis exemption and increased costs related to the import duties

** Needham sees the rise of brands such as Alo, Vuori, Fabletics, Athleta offering athleisure options as "stifling LULU's growth"

** 5 of 33 brokerages rate the stock "buy" or higher, 25 "hold" and 3 "sell" or lower; their median PT is $190 - data compiled by LSEG

** LULU down more than 53% YTD, as of last close