while the macro environment is looking murky for many apparel retailers lululemon is betterpositioned than some of its peers to weather the storm morgan stanley said thursday analyst kimberly greenberger upgraded the stock to overweight from equal weight saying in a note to clients that risks are already priced into the athleisure brand she added that the stock is trading at a discount relative to its historical valuation we have long been structurally bullish on the business  had been looking for valuation pullbacks as potential opportunities to become more constructive greenberger said current levels offer an attractive entry point so we move off the sidelines  recommend longterm oriented investors take another look at this quality asset on sale what makes the stock most attractive is that its trading at a huge sale following a 334 pullback in shares since the start of the year she said meanwhile the companys sway toward higherend consumers cushions it from inflation thats eating into many consumers pockets greenberger noted this very trend makes the stock more resilient and gives it pricing power in the current macroenvironment shares of lululemon have pulled back more than 46 from an alltime high in november 2021 and are trading down 265 this month the stock was among the pandemic beneficiaries that prospered as consumers shopped from home and search for comfortable apparel that trend toward casual fashion will likely continue greenberger said to be sure greenberger cut her price target on lululemon to 303 per share from 339 that new target is still 162 above wednesdays close cnbcs michael bloom contributed reporting