HSBC initiates Lenskart at 'Hold' with Rs 513 target despite 7,000-store expansion plan
HSBC begins coverage on India's largest eyewear retailer with a 'Hold' and Rs 513 target implying just ~2% upside, flagging full valuation. Lenskart holds ~20% organised market share and plans to nearly triple its footprint from ~2,500 to 7,000 stores, backed by under-one-year store payback and 13% annual eyewear market growth.
HSBC initiated coverage on Lenskart with a 'Hold' rating and Rs 513 target, citing full valuation despite strong growth and plans to expand from ~2,500 to ~7,000 stores in India.