HSBC initiates 'Hold' on Lenskart with Rs 513 target despite 7,000-store expansion roadmap
HSBC flagged full valuation as it started coverage on Lenskart at 'Hold', implying only ~2% upside to its Rs 513 target. The eyewear retailer commands ~20% of India's organised market and plans to scale from ~2,500 to ~7,000 stores, riding a 13% annual market growth.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong fundamentals. Lenskart holds ~20% of India's organised eyewear market and could expand from 2,500 to ~7,000 stores over time.