HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion roadmap
HSBC flags full valuation on Lenskart, setting a Rs 513 target implying just ~2% upside. The brokerage acknowledges the retailer's integrated model moat, 20% organised eyewear share and plans to scale to 7,000 stores from ~2,500, with new-store payback under a year and a market growing ~13% annually.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite projected store expansion to 7,000 from 2,500, 20% organised eyewear share, integrated model moat and strong repeat purchases.