** Bernstein cuts yogawear retailer Lululemon Athletica LULU.O rating to "market perform" from "outperform", lowers PT to $190 from $220

** New PT represents a 13.7% upside on stock's last close

** Shares of Lululemon Athletica fall nearly 1.5% to about $164.7 in early trading

** Brokerage says LULU faces increased competition in a fragmented category, with fast-growing premium athleisure brands like Alo and Vuori targeting LULU customers, and legacy brands like Nike NKE.N trying to win women's apparel share

** Says co's own issues with designing and merchandising led to uninspiring product assortments in 2024 and a decline in conversion rates

** Four of 33 brokerages rate the stock "buy" or higher, 26 "hold" and three "sell" or lower; their median PT is $190 - data compiled by LSEG

** Including session moves, shares down about 57% YTD

(Reporting by Parth Chandna)

((Parth.Chandna@thomsonreuters.com;))