Lululemon (LULU)🐻 shares moved lower Tuesday as Morgan Stanley analysts said that the company's better-t🐲han-expected sales growth over the last several years will be challenged to increase at a similar pace.

The analysts, lowering their 澳洲幸运5官方开奖结果体彩网:price target to $314 from $326, said consensus expectations that the company's China sales will see a 澳洲幸运5官方开奖结果体彩网:compound annual growth rate (CAGR) of at least 20% in the coming years are likely too optimistic. Their p🙈rice target is a bit below the roughly $316 mean of analysts tracked by Visible Alpha.

Lululemon shares fell more than 1% Tuesday afternoon, more than the S&P 500. The shar🧸es have lost nearly half their value sin♊ce the start of the year.

Macro Climate, ♈Preference for 🌌Value Could Slow China Sales

Over the last several years, Lululemon has been "one of the few Western specialty retailers to successfully enter China" thanks to a "more thoughtful and localized entry approach vs. peers, and particularly relevant brand positioning" in the region, the analysts wrote.🎃

But a worsening macroeconomic picture and the potential for Chinese consumers to gravitate to lower-cost and domestic brands could slow 澳洲幸运5官方开奖结果体彩网:Lululemon's sales growth, they said.

The analysts said that using Lululemon's growth metrics in other markets, they see a likely projection of $2.3 billion in annual China sales by the end of 2028, compared with the $2.7 billion in annual sales that a low-20% CAGR would lead to.