July 22, 2026 03:00 AM GMT Lululemon Athletica Inc. | North America Underweight Unpacked: Why 'Shrink to Grow' Is the Next Chapter for LULU Three independent frameworks suggest LULU's Americas business is materially larger than its sustainable revenue base. This increases the likelihood that new management adopts a 'shrink to grow' strategy, which we believe would drive another leg of negative earnings revisions. Our Underweight rating reflects our view that consensus underestimates the risk of a deeper & l ...