**Shares of athletic wear maker Lululemon Athletica LULU.O down about 3% at $197.23 in afternoon trading

** Brokerage Wells Fargo cuts PT to $205 from $225, citing risks from the "de minimis" exemption repeal, which could hit margins and earnings

** De minimis is a U.S. customs exemption that allowed duty-free entry and minimal paperwork for international shipments under $800

** LULU could take a hit of $0.90–$1.10 per share in earnings from elimination of the duty-free shipping rule, as its U.S. e-commerce relies heavily on Canadian distribution centers, brokerage says

** Sixteen of 33 brokerages rate LULU "buy" or "higher", 14 "hold" and three "sell" or "lower"; their median PT is $277.50 — data compiled by LSEG

** Including session moves, stock down about 48% YTD

(Reporting by Anshi Sancheti in Bengaluru)

((Anshi.Sancheti@thomsonreuters.com))