HSBC initiates ‘Hold’ on Lenskart with Rs 513 target despite 7,000-store expansion plan
HSBC flags stretched valuation even as it praises Lenskart's integrated model moat and growth runway. The brand plans to nearly triple its footprint from ~2,500 to 7,000 stores in a market growing 13% annually, where it already holds 20% organised share with under 1-year payback on new stores.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing stretched valuation despite strong fundamentals, integrated model moat, and plans to expand from ~2,500 to ~7,000 stores in India's growing eyewear market.