HSBC initiates 'Hold' on Lenskart, sees just ~2% upside to Rs 513 target
HSBC starts coverage with a 'Hold', arguing valuation already prices in growth despite Lenskart's ~20% organised eyewear share, integrated model moat and sub-1-year store payback. The company plans to scale from ~2,500 to 7,000 stores in a market growing 13% annually.
HSBC initiates 'Hold' on Lenskart with Rs 513 target, citing valuation already pricing in growth. Notes Lenskart's ~20% organised eyewear share, integrated model moat, strong unit economics, and potential expansion to 7,000 stores from 2,500.