HSBC initiates ‘Hold’ on Lenskart at Rs 513 despite 7,000-store expansion runway
HSBC flagged full valuation with only ~2% upside to its Rs 513 target, even as Lenskart eyes growth from ~2,500 to 7,000 India stores. The bank praised the integrated manufacturing-retail moat, ~20% organised market share and sub-1-year store payback in a market growing 13% annually.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite plans to expand from ~2,500 to ~7,000 India stores. It praised the integrated manufacturing-retail moat and 20% organised eyewear market share.