HSBC initiates 'Hold' on Lenskart at Rs 513, citing full valuation despite 7,000-store expansion plan
HSBC sees only ~2% upside for India's largest eyewear player, flagging stretched valuation even as Lenskart targets growth from 2,500 to ~7,000 stores. The bank credits an integrated manufacturing-retail moat, ~20% organised market share, 13% annual market growth and store payback under one year.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite growth. It sees India's largest eyewear player expanding from 2,500 to ~7,000 stores, backed by integrated manufacturing-retail moat and ~20% organised market share.