The COVID-19 pandemic has changed a lot of consumer behaviors, like a lot of people suddenly wanting to exercise because they have nothing else to do while on lockdown. 

Peloton (NASDAQ:PTON) has seen a massive surge in memberships for its interactive workouts, nearly double the year-ago period, while also experiencing the lowest level of customer churn in four years.

That bodes well for athleisure apparel maker lululemon athletica (NASDAQ:LULU), which B. Riley FBR analyst Susan Anderson believes will benefit both from more people exercising and also the work-at-home phenomenon.

Mother and daughter wearing athleisure clothing.

Image source: Getty Images.

Working out while working from home

Twitter and Square have told employees they can work from home forever if they want, instead of coming into the office, while Google parent Alphabet has said its employees will work from home until at least 2021.

Not needing to get dressed to go to the office means boom time for clothes that can pull double duty as workout wear and lounging attire.

In a research note to clients, According to thefly.com, Anderson said the twin imperatives resulting from the pandemic are causing her to upgrade her outlook for Lululemon to buy from the previous neutral rating.

Yet despite believing higher online sales for the retailer will materialize, and that its current share price is an attractive entry point for investors interested in Lululemon's "high quality growth," Anderson left her price target at $210, which is 18% below where it currently trades.