HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion runway
HSBC sees only ~2% upside as valuation already prices in growth. Lenskart holds 20% organised eyewear share in a market growing 13% annually, with plans to scale from ~2,500 to 7,000 India stores and store payback under one year.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing valuation already pricing in growth despite plans to expand from ~2,500 to ~7,000 stores in India's underpenetrated organised eyewear market.