HSBC starts Lenskart at 'Hold' with Rs 513 target despite 7,000-store expansion roadmap
HSBC initiated coverage on Lenskart with a 'Hold' rating and Rs 513 target price, implying just ~2% upside. The brokerage flagged rich valuation even as it praised Lenskart's integrated manufacturing-retail moat, ~20% organised eyewear share, and plans to scale from ~2,500 to 7,000 stores with sub-one-year payback.
HSBC initiated coverage on Lenskart with a 'Hold' rating and Rs 513 target, citing rich valuation despite plans to expand from ~2,500 to ~7,000 stores. It praises Lenskart's integrated manufacturing-retail moat and 20% organised eyewear share.