Lululemon Athletica (LULU) shares tumbled to their lowest level since the spring of♏ 2020 as analysts raised concerns about the fashion athletic wear maker’s financial performance in a slowing retail environment.

The company's shares fell 9.1% to finish Thursday's session at $247.32. The stock was the biggest decliner on the Nasdaq Composite.

JP Morgan lowered its price target from $457 to $338, and dropped the company from its Analys𒆙t Focus List. It kept its Overweight rating.

The analysts especially pointed to Lululemon’s decision to paus🔜e sales of its recently-released Breezethrough collection, as management cited “an intent to make design adjustments necessary based on guest feedback” to deliver an im𓆏proved product experience.

The analysts said the new𝐆s has compounded recent in-stock and color palette execution concerns, which have delayed “the reacceleration catalyst likely to 4Q/Holiday with our recent fieldwork pointing to no signs of near-term improvement through 2Q.”

JP Morgan lowered its estimate for fiscal year 2024 earnings per share (EPS) to $13.9🌞0, which it said reflected below-consensus second-half revenue growth of 9%, and fiscal year 2025 EPS to $14.97 on another 9% revenue increase.

Adding to the downward pressure was word Citi downgraded the stock and also lowered the price target.

Shares of Lululemon Athletica have lost about half their value since the start of 2024.