Lululemon Athletica (LULU) shares are soaring 5.02% in Tuesday's intraday trading session, buoyed by a positive analyst outlook and anticipation of the company's upcoming earnings report. The stock's surge comes after Piper Sandler raised its price target on Lululemon to $315 from $280, while maintaining a Neutral rating on the shares.

The athletic apparel retailer has emerged as one of the top performers in the Nasdaq 100 index, with investors showing increased optimism about the company's prospects. The raised price target reflects growing confidence in Lululemon's business model and market position, despite the maintained Neutral rating.

Market participants are also likely positioning themselves ahead of Lululemon's quarterly earnings report, scheduled for release on Thursday after market close. Analysts polled by FactSet expect the company to report earnings per share of $2.58 for the quarter. The combination of the improved price target and the imminent financial results appears to be driving the stock's significant upward movement.