HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion runway
HSBC starts coverage at 'Hold' with a Rs 513 target implying just ~2% upside, flagging full valuation even as it praises Lenskart's integrated model as a moat. The brand holds ~20% organised market share and could scale to ~7,000 stores from ~2,500, backed by a sub-one-year payback and 13% annual market growth.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It praises the integrated model as a moat and sees expansion to ~7,000 stores from ~2,500 currently.