Citi analyst Paul Lejuez upgraded Lululemon Athletica (LULU) to Buy from Neutral with an unchanged price target of $152. The stock closed yesterday up $1.84 to $116.85.

Fears of a macro slowdown have taken the winning retail brands down in recent months with the rest of the group, "seemingly painting all with the same brush," Lejuez tells investors in a research note. Lululemon has "been a victim," with the stock down 28% from the September 28 high, yet it has a story of "improving fundamentals and stand-out growth prospects," says the analyst.

He sees the lower share price as a buying opportunity.