Lulu Retail Holdings Updating Estimates and Price Target

Goldman Sachs has lowered its price target for Lulu Retail Holdings to AED 1.41 from AED 1.51 while maintaining a Buy rating following weak 1Q26 results.

Key Takeaways

• 1.Goldman Sachs maintains its Buy rating for Lulu Retail but reduces the price target to AED 1.41 following weak 1Q26 results.
• 2.Revenue and EBITDA estimates for FY26-29 are revised downward by 6.5% and 7.2% respectively due to regional geopolitical tension and weak sentiment.
• 3.Net income estimates are actually increased by ~5% because of lower expected depreciation and finance costs from store opening adjustments.

Table of Contents

• Buy
• GS Forecast
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s) Lulu Retail Holdings (LULU.AD)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures