The Globe and Mail reports in its Tuesday, Dec. 5, edition that Wells Fargo analyst Ike Boruchow has lowered his recommendation for Lululemon athletica to "equal weight" from "overweight." The Globe's David Leeder writes in the Eye On Equities column that Mr. Boruchow has an unchanged $445 (U.S.) share target, representing 4.6-per-cent downside to its Friday closing price. He says Lululemon's valuation is no longer cheap. The Globe reports that Lululemon was removed from Well Fargo's "top picks" list in favour of rival Nike. Analysts on average target Lululemon shares at $440.49 (U.S.). The Globe says Mr. Boruchow sees few growth drivers moving forward. Mr. Boruchow thinks most of the factors powering the Vancouver-based activewear company's outperformance, including improving inventories, strong growth in China and a recovery in margins, are now played out. He says in a note, "The main question we have following 24 months of well above plan growth is can Lululemon sustain their algorithm into 2024 and beyond." The Globe reported on Sept. 21 that Needham analyst Anna Andreeva rated Lululemon athletica "buy" in new coverage. The shares could then be had for $401.81 (U.S.).