Citi analyst Paul Lejuez upgraded Lululemon Athletica (LULU) to Buy from Neutral with an unchanged price target of $190.

The analyst says that as he looked across Retailing for companies that have sold off significantly during these uncertain times but where the long term earnings power has not changed, Lululemon "is a stand out."

The shares are down 40% since February 20 and its enterprise value has dropped from $33B to $19B, Lejuez tells investors in a research note. Lululemon's balance sheet is "rock solid," and its business is likely to rebound "strongly on the other side" of the COVID-19 outbreak, contends the analyst.