HSBC initiates 'Hold' on Lenskart at Rs 513, sees valuation fully pricing in 7,000-store growth runway
HSBC calls Lenskart's integrated manufacturing-retail model a sustainable moat and projects expansion from ~2,500 to ~7,000 stores in India, with store payback under a year. But its Rs 513 target implies just ~2% upside, prompting a 'Hold' on full valuation despite ~20% organised eyewear share and 13% annual market growth.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite calling its integrated manufacturing-retail model a sustainable moat and projecting expansion from ~2,500 to ~7,000 stores in India.