HSBC initiates 'Hold' on Lenskart at Rs 513 target despite 7,000-store expansion runway
HSBC starts coverage of India's largest eyewear player with a 'Hold' and Rs 513 target implying just ~2% upside, flagging full valuation. It credits Lenskart's integrated model, ~20% organised-market share and under-1-year store payback, with scope to grow from ~2,500 to 7,000 stores in a 13% annually growing market.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It praises India's largest eyewear player's integrated model and moat, and sees potential expansion from 2,500 to 7,000 stores.