HSBC initiates 'Hold' on Lenskart, sees limited upside despite 7,000-store runway
HSBC starts coverage with a Rs 513 target (~2% upside), flagging full valuation even as it praises Lenskart's ~20% organised market share, sub-year store payback, and integrated-model moat. Sees room to grow from ~2,500 to 7,000 India stores amid 13% annual market growth.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong prospects. Notes 20% organised eyewear share, attractive store economics, integrated-model moat, and potential expansion to 7,000 India stores from ~2,500.