HSBC Starts Lenskart at 'Hold' on Full Valuation Despite 7,000-Store Roadmap
HSBC initiated coverage on Lenskart with a 'Hold' and Rs 513 target, implying just ~2% upside. It flags a rich valuation even as it credits an integrated manufacturing-retail moat, sub-1-year store payback and room to scale from ~2,500 to ~7,000 India stores amid 13% annual market growth.
HSBC initiated 'Hold' on Lenskart with Rs 513 target, citing full valuation despite strong growth. It sees expansion to ~7,000 India stores from ~2,500, backed by integrated manufacturing-retail moat and organised-eyewear adoption.