HSBC initiates ‘Hold’ on Lenskart with Rs 513 target despite 7,000-store expansion plan
HSBC starts coverage at 'Hold', target Rs 513 (~2% upside), citing full valuation. It flags a strong integrated-model moat, store payback under a year, and a runway from ~2,500 to ~7,000 stores in an underpenetrated organised eyewear market growing ~13% annually.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It sees expansion to ~7,000 stores from ~2,500, an integrated-model moat, and India's underpenetrated organised eyewear market.