Cramer said the real issue with putting money to work in Lulu is the stock's multiple – which is around 40 times near year's growth rate..
"The rich premium is largely fueled by mutual fund managers who are always looking for the highest growth name," Cramer explained. "They seem to have decided it might be inexpensive on a multiple basis in the out-years -call them 2014-2015."
"Eventually that game ends," Cramer warned. "And it could happen rapidly as it did for Whole Foods when the law of large numbers made it impossible to keep blowing numbers away.
Considering the stock has about 14% short interest, Cramer said it's clear there are investors betting on the game ending.
"However, so far negative bets have been unrequited because this company, even at $10 billion, has more going for it in a secular fashion that almost anyone else."
In the near-term it looks as if Canaccord Genuity analyst Camilo Lyon is looking for more upside; he recently placed a "buy" rating on Lululemon with a $91 price target.
"We believe LULU is evolving from an athletic brand with its roots in yoga to a lifestyle brand that is marrying form and function," Lyon said in a published report.
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