The "new CEO" bounce has pushed LULU back to $103.73, +14% off its post-earnings low -- but that's now above both UBS's ($106) and Wells Fargo's ($95) cut targets, and well past BMO's, the freshest and most bearish call on the Street: Underperform, $70 target, set 9/9 -- implying -32% from here.

The Q2 print that caused the crash hasn't changed: comps -9%, revenue -4%, and FY26 guidance now points to a 5-7% full-year revenue decline. What's driving the bounce is thin -- incoming CEO Heidi O'Neill (starts this week) and "technical stabilization" after the selloff, not new numbers. One outlet's own read: the stock's 200-day trend stays broken even as it bounces.

🚨 Risk: a new CEO can genuinely reset the narrative fast, and a relief bounce like this can keep running on short covering alone before fundamentals matter again. This is a bet the rally outran the news, not that Lululemon is broken forever.