HSBC initiates Lenskart at 'Hold' with Rs 513 target despite 7,000-store expansion runway
HSBC begins coverage of Lenskart with a 'Hold' rating and a Rs 513 target, implying only ~2% upside. The brokerage acknowledges a strong growth story—20% organised eyewear share, ~13% annual market growth, and a plan to scale from ~2,500 to 7,000 stores—but argues current valuation already prices in most of the upside.
HSBC initiated coverage on Lenskart with a 'Hold' rating and Rs 513 target, citing strong growth and a store expansion plan to ~7,000 stores, but says current valuation already prices in much of the upside.