LULU是强劲的长期买入标的，公允价值168美元，有超过38%的上涨空间，尽管近期面临关税和消费疲软带来的营收压力。

Last but not least, Lululemon, which I calculated a fair value at $168. The current market price is $122. And that leaves over 38% upside for Lululemon stock investors over the next 12 to 18 months.

One of the more bullish factors for me with Lululemon is the brand equity, which allows the company to sell products at supremely high prices compared to its competition. It generates profit margins in the best of the best in terms of this industry and it's the brand equity that allows the company to charge those high prices and generate sell through.

Of course, the bearish factors have been front and center with Lululemon as its revenue growth rate in North America has decelerated significantly due to increasing trade barriers. Lululemon manufactures nearly all of its products outside of the United States and shipping those products to the United States has become increasingly more costly. Not only because of increasing tariff rates, but also removal of certain loopholes that Lululemon was capitalizing on earlier before the reduction and increase in trade barriers.

The second bearish factor is more of a near-term factor, and that's lower disposable income in consumer wallets. Every month, people are spending more money on necessities because of the cost of living has increased so substantially. People are paying more for food, for health insurance, for education, for health care, for transportation, for rent. And all of that is leaving less money for people to spend in discretionary categories like athletic apparel. That will likely persist at least for the rest of 2026 as I don't see any end in sight in those factors that's causing an increase in the cost of living and that's also keeping down people's real income growth.

Still, despite those headwinds, I think Lululemon is a great opportunity for long-term investors. I own Lululemon stock in my portfolio and I'm interested in adding more.