Jefferies upgrades Lululemon, calls CEO change a major positive

Jefferies said Lululemon must return to its roots after CEO Calvin McDonald exit, calling the leadership shake-up a major positive. The firm upgraded LULU to Hold from Underperform and raised its target to $170, still implying modest downside. Shares jumped over 9% in premarket trade, with retail sentiment on Stocktwits turning extremely bullish.