Why Lululemon Stock Should Be Bought At Its Current Price

Investors should buy Lululemon Athletica Inc (NASDAQ: LULU) stock, Jim Cramer said Wednesday on CNBC's "Squawk On The Street."

What Happened: Goldman Sachs analyst Brooke Roach initiated coverage of Lululemon with a Conviction Buy rating and announced a price target of $447.

The recovery period following the COVID-19 pandemic has been supportive for apparel and brands, the analyst said. Roach believes Lululemon will be a leader in driving online to offline consumer connections. 

Cramer's Take: People who think Lululemon and Peloton Interactive Inc (NASDAQ: PTON) were only buys during the pandemic are wrong, Cramer said. 

Lululemon is here to stay, he said, adding that he thinks if "the stock breaks out, buy it."

See Also: Lululemon Athletica: Return On Capital Employed Insights

Price Action: Lululemon has traded as high as $399.90 and as low as $269.28 over a 52-week period.

At last check Friday, the stock was up 3.72% at $384.58.

Photo by heng jiguai from Pixabay.