Christmas came early for investors long Lululemon.
Shares of the yoga-inspired athletic apparel company surged higher after posting a strong Q3 performance and raising its full year forecast. The company's results handily beat Wall Street expectations. CEO Laurent Potdevin said he's "energized by our momentum" at the start of the key holiday shopping season.
On a related note, Hedgeye Retail analyst Brian McGough added LULU to his long list in October ahead of the move higher.
Lululemon is up over 26% since he added it less than two months ago.
In his October research note, McGough wrote that the longer-term risk factors had "materially diminished." He added shares could be at $85 in a year.
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Incidentally, McGough is hosting a free webinar today at 12:30pm ET. He will discuss the biggest winners and losers in a rapidly changing retail environment.
