Lululemon Athletica inc. (NASDAQ:LULU) shares have dipped 9% today, after posting second-quarter results after market close yesterday. Though revenue jumped 14% to $514.5 million year-over, year, ultimately it proves to be a miss when compared to the Street’s forecast of $515.5 million.

Moreover, whereas the athletic giant retailer guides revenue of $535 million, consensus projected $542 million, another weak spot for the company. Comp also proved to be lighter than consensus anticipated, with LULU indicating 4%, beneath the Street’s estimate of almost 6%.

LULU reported EPS of $0.38, mirroring that of consensus, which BMO Capital analyst John Morris believes is the result of a gross margin beat. Additionally, SG&A saw a year-over-year increase thanks to “accelerated investments,” a positive driver of momentum that Morris predicts will carry through the second half of the fiscal year of 2016. The company also adjusted the lower end of its adjusted EPS guidance, increased from the range of $2.05 to $2.15 up to $2.07 to $2.15.

“LULU reported an in-line EPS mainly driven by a better-than-expected gross margin that was supported by our BBD analysis. Despite LULU’s improvement in profitability, we remain on the sidelines as weak traffic trends will likely continue to weigh on the comps going into the back half. We are adjusting our FY16 EPS estimate to $2.14, down from $2.17 and are holding our $64 price target (25.8x our FY17 EPS estimate). We retain our Market Perform rating as we think the shares are fully priced,” Morris concludes.

The analyst reiterates a Market Perform rating on shares of LULU with a $64 price target, which represents an 8% downside from where the stock is currently trading.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, three-star analyst John Morris is ranked #1,670 out of 4,132 analysts. Morris has a 52% success rate and realizes 3.6% in his yearly returns.