UPDATE: Credit Suisse Downgrades Lululemon Athletica to Neutral, Lowers PT

In a report published Friday, Credit Suisse Group downgraded its rating on Lululemon Athletica (NASDAQ: LULU) from Outperform to Neutral, and lowered its price target from $86.00 to $80.00.

Credit Suisse noted, “With slowing comp momentum likely and further merchandise margin pressure a distinct risk, we believe the shares are range bound. In conjunction with our note Key Themes For 2013, we are downgrading LULU to Neutral from Outperform and lowering our target price to $80 from $86. Modeling more conservative comps for mature stores, our FY13 comps, sales, and EPS estimates are now 9.7%, $1.73B, and $2.29 from 12.5%, $1.76B, and $2.40.”

Lululemon Athletica closed on Thursday at $75.09.