The Ratings Game: Lululemon bulls need a ‘reality check,’ analyst cautions

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Lululemon Athletica Inc. has been on a hot streak for the past five years, but that may be coming to an end.

The maker of yoga pants and other athletic apparel has increased sales by 25% and earnings by at least 30% for the past five years, and Bernstein analyst Aneesha Sherman is worried that Wall Street is too upbeat about Lululemon’s LULU ability to maintain its momentum.

“This…

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