UBS says UBS Evidence Lab’s 10th annual global athletic wear survey doesn’t provide conviction that Lululemon’s Americas growth rate will inflect in 2025. The survey shows the Lululemon brand name remains “very strong” on a global basis, but may have “peaked” in the U.S., the analyst tells investors in a research note. UBS believes this is a concern because brands that have peaked have difficulty growing. Therefore, it lacks conviction Lululemon’s Americas segment’s growth rate in 2025 will meet or beat Street expectations. The firm’s survey shows a lower percentage of U.S. consumers associate Lululemon with key traits this year versus last year. It notes U.S. consumers’ change in impression of the Lululemon brand name looks weak relative to other brands. The percentage of U.S. consumers saying their latest Lululemon purchase was at a discounted price is trending in the wrong direction, adds UBS. The firm keeps a Neutral rating on the shares with a $360 price target, saying its survey is not bullish for the shares.