HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion plan
HSBC flags stretched valuation on Lenskart even as it praises the integrated model moat. Target price of Rs 513 implies just ~2% upside. Brand plans to grow from ~2,500 to 7,000 stores in an eyewear market expanding 13% annually, with new-store payback under one year.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, calling valuation stretched despite strong fundamentals, integrated model moat, and plans to expand from ~2,500 to ~7,000 stores in India's growing eyewear market.