Lululemon Athletica Inc. ( LULU ) shares are trading lower Wednesday as broader markets tumble and peer Nike, Inc. ( NKE ) trades near 52-week lows.

The Details:

The Nasdaq Composite is trading lower by more than 500 points Wednesday as Tesla and Alphabet lead the index lower following the companies' earnings releases on Tuesday. Investors may be growing concerned about the ability of mega cap tech stocks to sustain the levels of growth that have fueled the market's recent gains. 

Read Next: What’s Going On With Carnival Stock?

Lululemon’s most recent earnings report included lower-than-expected revenue growth and cautious guidance for the upcoming quarters. Revenues for its Americas business grew only 3% in the quarter, a significant slowdown from the growth of 17% in the prior year's quarter.  

According to data from Benzinga Pro, Lululemon shares have fallen 13% over the past month and the stock is marking new 52-lows Wednesday. 

Will LULU Stock Go Up?

When trying to assess whether or not Lululemon Athletica ( LULU ) will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $415.83 on Lululemon Athletica ( LULU ). The Street high target is currently at $550 and the Street low target is $220. Of all the analysts covering Lululemon Athletica ( LULU ), 20 have positive ratings, 9 have neutral ratings and one has a negative rating.

In the last month, 2 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Lululemon Athletica ( LULU ) have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Lululemon Athletica ( LULU ) is 28.36% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Lululemon Athletica ( LULU ), visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

LULU Price Action: According to Benzinga Pro, Lululemon Athletica ( LULU ) shares are down 2.2% at $275.09 at the time of publication Wednesday.

Read Also:

Texas Instruments Stock Climbs On Q2 Results, Strong Forward Guidance

Image: Courtesy of Lululemon Athletica, Inc. ( LULU )