HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion runway
HSBC starts coverage of Lenskart at 'Hold' with a Rs 513 target (~2% upside), citing full valuation even as it flags a long growth path. The eyewear leader could scale from ~2,500 to 7,000 India stores, backed by ~20% organised market share and an integrated manufacturing-retail moat in a market growing 13% annually.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It sees the eyewear leader potentially expanding from ~2,500 to 7,000 India stores, backed by an integrated manufacturing-retail moat.