HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion push
HSBC starts coverage at 'Hold' with an Rs 513 target implying ~2% upside, citing full valuation. It praises Lenskart's integrated model as a durable moat in India's underpenetrated, largely unorganised eyewear market, where the brand holds ~20% organised share and plans to grow from ~2,500 to ~7,000 stores.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite plans to expand from 2,500 to ~7,000 stores. Praises integrated model as sustainable moat in India's underpenetrated, largely unorganised eyewear market.