HSBC initiates 'Hold' on Lenskart with Rs 513 target as valuation prices in 7,000-store expansion
HSBC sees just ~2% upside for Lenskart despite strong fundamentals and an integrated moat, arguing the current valuation already reflects planned growth from ~2,500 to 7,000 India stores. The eyewear retailer holds ~20% organised market share in a market growing ~13% annually.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing strong fundamentals, integrated moat and plans to expand from 2,500 to 7,000 India stores, but flagging that current valuation already prices in expected growth.