Lululemon shares climb after CEO exit, profit forecast boost

Shares of athletic wear maker Lululemon Athletica LULU.O rise nearly 10% to $205.65 premarket

Says CEO Calvin McDonald is leaving without a replacement, appoints two co-interim CEOs as it searches for a top boss

Raises annual profit forecast to $12.92-$13.02 per share vs. earlier estimates of $12.77-$12.97; also raises annual sales target

Jefferies upgrades to "hold" from "underperform", raises PT to $170 from $120

"We want to be clear, LULU still faces high sales/sqft, mounting share losses, and eroding margins, making '26 earnings extremely tough and shares rangebound with downside bias" - Jefferies

For the quarter ended November 2, LULU reported net revenue of $2.57 billion, beating estimates of $2.48 billion, according to data compiled by LSEG.

Average rating of 32 analysts is "hold"; median PT $190 - data compiled by LSEG

As of last close, stock down nearly 51% YTD