Aritzia: Threading The Needle On Hypergrowth And U.S. Expansion

Aritzia delivered a strong 4QFY26, with revenue and earnings surpassing consensus and management guiding a 30% Q1 comp acceleration. ATZ's US expansion, digital growth, and brand awareness are driving accelerated comps, with new US boutiques achieving payback in under a year. We raised my target price from $88 to $148 per share (35x forward P/E), implying 36% upside as growth and margin expansion warrant a premium valuation.