10 Most Oversold Canadian Stocks to Invest In

8. Lululemon Athletica Inc. (NASDAQ:LULU)

Relative Strength Index Reading: 29.39

Stock Upside Potential: 33.61%

Number of Hedge Fund Holders: 78

Lululemon Athletica Inc. (NASDAQ:LULU) is one of the most oversold Canadian stocks to invest in. On April 29, Lululemon Athletica Inc. (NASDAQ:LULU) founder Chip Wilson reiterated his opposition to the appointment of former Nike executive Heidi O’Neill as the company’s next chief executive officer.

According to the founder, who owns 8.6% of the company, the board lacks the skillset to hire a world-class brand and product person who can deliver on current brands. Wilson also insists the next CEO should be in a position to lead the company in attracting talent and executing a turnaround. Elliott Investments, which owns a significant stake in Lululemon Athletica, had proposed former Ralph Lauren executive Jane Nielsen as the company’s next CEO.

On the other hand, Baird analyst has reiterated a Neutral rating on the stock and a $190 price target in response to the appointment of O’Neill as the next CEO, effective September 8. According to the analysts, the roughly four-month gap before O’Neil takes over may keep key strategic and governance questions open.

Lululemon Athletica Inc. (NASDAQ:LULU) is a multinational retailer. It designs and sells technical athletic apparel, footwear, and accessories. The company began with women’s yoga wear but has grown into a global lifestyle brand. Now it serves men and youth involved in running, training, and golf.