Citigroup Cuts Lululemon as Steel Gets Fresh Love

Analyst desks were busy Wednesday. Three sectors saw notable moves.

LULU took the sharpest hit. Citigroup's Paul Lejuez trimmed his target to $117 from $130. He kept a Hold rating. The consensus target fell to $106.39 from $107.43. Short interest sits at 12.7% of free float — elevated for a consumer name. The market cap is now ~$10.9 billion, down sharply from its peak.

Steel stocks got a lift. JP Morgan's Bennett Moore raised his target on NUE to $308 from $294. He moved to Buy. Moore also lifted his target on STLD to $273 from $260, keeping a Hold. Both moves suggest JP Morgan sees value returning to US steel after recent tariff-driven volatility.

Scotiabank initiated coverage on two gig-economy giants. DASH got a Buy and a $275 target. UBER got a Buy and a $100 target from analyst Nat Schindler. DoorDash carries just 4.3% short interest. The Scotiabank calls back the bull case for platform-driven delivery businesses.

AJG and KKR both saw consensus target prices edge higher. Insurance and private equity remain well-covered and well-liked by the Street.