1. Lululemon's stock has surged 27% since the last 'buy' rating, but now appears fully priced, prompting a 'Hold' rating with a $403 target. 2. The Americas business shows signs of bottoming, with improved sales trends and positive momentum in Canada, while international markets continue to accelerate. 3. Profitability has expanded with strong operational discipline, but unknown factors like tariffs and rising yields could impact consumer demand and Lululemon's growth plans.