HSBC initiates 'Hold' on Lenskart with Rs 513 target as valuation prices in growth
HSBC sees only ~2% upside despite Lenskart's runway to grow from ~2,500 to 7,000 India stores. It flags a strong moat via ~20% organised eyewear share, an integrated model, and store payback under a year, but says the growth is already baked into the price.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, saying valuation already prices in growth. It highlights Lenskart's ~20% organised eyewear share, integrated model moat, strong store economics, and potential to expand from 2,500 to 7,000 India stores.