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A Lululemon Athletica logo is seen outside one of the company's stores in New York, in this December 16, 2013 file photo.Reuters

Inside the Market's roundup of some of today's key analyst actions. This file will be updated during the trading day. For breaking analyst actions prior to market open every day, read our Before the Bell morning report.

CLSA upgraded Lululemon Athletica Inc. to "outperform" from "underperform" and raised its price target to $60 (U.S.) from $54, according to media reports.

Lululemon Thursday reported fiscal fourth-quarter profits that were better than analysts expected and what the company had projected in January, with profits nearly flat year-over-year.

But its forward guidance was light of expectations. Its stock still managed to rise more than 6 per cent on Thursday as its new CEO pledged to speed up the retailer's global expansion while avoiding mistakes like last year's recall of its yoga pants.

Analysts at CLSA were overall pleased with what they heard. "The company has made changes to its processes, supply chain and development calendar and seems poised to return more stability to its performance," CLSA analysts said, according to StreetInsider. "While traffic and comparable sales remain pressured in Q1, we expect sequential improvement as fiscal year 2015 progresses and merchandise margin comparisons ease."

Canaccord Genuity analyst Camilo Lyon was also sounding upbeat as he reiterated a "buy" rating and $69 (U.S.) price target on the company's shares.

"We are encouraged by three key data points that emerged from the conference call that all support our belief in the brand's staying power: 1) Q4 comparisons in warmer markets (Dallas, Floria, California) were up day to day, 2) new store sales/feet are trending above the historical average of $1100-$1200/ft., and 3) seasonal merchandise is selling at 4 times expectations," he said in a research note. "These points suggest consumers still value the LULU brand and product. Moreover, this refutes thoughts of the brand being in decay."

"LULU's chief distinguisher remains its fashion forward focus – a direction we expect they will continue to pursue. With 19 per cent square feet growth, a nascent international growth path, and more seasonal product, we believe the stage is set for LULU to recapture its comp momentum," he said.

UBS analyst Roxanne Meyer was more cautious in her assessment of the brand as she reiterated a "neutral" rating but raised her price target to $52 from $46. "LULU remains a solid long-term growth story, driven by continued growth in the US and the likelihood of accelerated international expansion, as well as men's and e-commerce. However, we think sourcing issues will remain a drag through most of fiscal year 2014, view the revitalization of core product as critical, and see higher fashion risk from a shift to more seasonal product," she said.

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Shares in BRP Inc. are down sharply this morning after releasing weaker-than-expected fiscal fourth-quarter results, but Desjardins Securities analyst Benoit Poirier is advising investors to buy into the weakness.

"With the miss on normalized EPS and the lower-than-consensus EPS guidance for fiscal year 2015, we expect shares to react negatively today," said Mr. Poirier in a research note. "However, we would see any weakness in shares as a buying opportunity as the company's guidance for next year is overall better than our expectations."

The company, which makes the Ski-Doo snowmobiles and was spun off from Bombardier, warned core profit in the current quarter could be cut in half due to delays in deliveries of its summer vehicles such as Sea-Doo watercrafts. Results could also be hurt by the transfer of its distribution business to a third party and delayed deliveries of watercrafts as its Mexico factory struggled to boost output.

BRP forecast adjusted profit of $1.55 to $1.65 per share for the year ending Jan. 31, 2015. Analysts on average were expecting a profit of $1.69 per share, according to Thomson Reuters.

Mr. Poirier maintained a "buy" rating and $35 (Canadian) price target.

BRP shares are down 7.5 per cent on the TSX this morning.

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In other analyst actions:

Goldman Sachs upgraded Kinross Gold to "neutral" from "sell" with a price target of $4.20 (Canadian), citing the recent share price decline.

Canaccord Genuity upgraded Agnico Eagle Mines to "buy" from "hold" and kept a $45 (Canadian) price target. It cited the recent stock price weakness for the upgrade.

Raymond James upgraded Southern Pacific Resource to "outperform" from "market perform" and hiked its price target to 50 cents (Canadian) from 30 cents.

Desjardins Securities hiked its price target on Sprott Inc. to $3.25 (Canadian) from $3 and kept a "hold" rating. CIBC World Markets raised its price target to $2.50 from $2.25 and maintained a "sector underperformer" rating.

Desjardins Securities cut its price target on New Millennium Iron to 70 cents (Canadian) from $1.30 and kept a "hold" rating.

M Partners upgraded Golden Queen Mining to "buy" from "hold" and cut its price target to $2 (Canadian) from $2.10, citing the stock's recent underperformance.

Credit Suisse cut its price target on Africa Oil to $11.50 (Canadian) from $13 and maintained an "outperform" rating.

CIBC World Markets raised its price target on Primero Mining to $10 (Canadian) from $8 and maintained a "sector outperformer" rating.

Societe Generale downgraded Citibank to "hold" from "buy" and cut its price target to $52 (U.S.) from $58.

Citibank downgraded PG&E to "neutral" from "buy" and cut its price target to $46 (U.S.) from $52.

Macquarie upgraded Alcoa to "neutral" from "underperform" and hiked its price target to $10 (U.S.) from $5.

Cantor Fitzgerald initiated coverage on Valeant Pharmaceuticals with a "buy" rating and a price target of $200 (U.S.).

For more analyst actions, breaking investing news and analysis, follow Darcy Keith on Twitter at @eyeonequities

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