HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion roadmap
HSBC sees Lenskart's integrated model as a durable moat and backs its plan to grow to ~7,000 India stores from ~2,500 today, alongside a 20% organised eyewear share and 13% annual market growth. But full valuation caps the target at Rs 513, implying just ~2% upside.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong eyewear prospects. It sees the integrated model as a moat and projects expansion to ~7,000 India stores from ~2,500 currently.