Robert Drbul, an analyst at Guggenheim, raised its target price for Lululemon (LULU.O) to $475 from $450 and maintained its buy rating as the company reported second-quarter sales and adjusted earnings per share higher than he expected.

Drbul said he was encouraged by the continued broad advantages of the company's entire product portfolio and appreciated the growth of its e-commerce business, which he expected to "achieve strong performance" between 2021 and 2022.