Nomura initiates coverage of India's Lenskart with 'Buy' rating, shares up
BUZZ-Nomura initiates coverage of India's Lenskart with 'Buy' rating, shares up ** Shares of omnichannel eyewear retailer Lenskart Solutions LENS.NS up 2.65% at 655.15 rupees--biggest pct jump in about two weeks
** Stock snaps five consecutive sessions of losses
** Nomura initiates coverage of co with "buy" rating; street high PT of 888 rupees
** Lenskart spent a decade building centralised manufacturing, remote optometry, and an asset-light store network, capabilities that a fragmented eyewear industry has struggled with--Nomura
** Brokerage says co's international expansion keeps it on track to become global leader
** Co also stands to benefit from untapped pool of margin improvement through scale and better mix such as progressive lenses
** 17 out of 21 analysts rate the stock "buy" or higher, median PT of 666 rupees
** YTD, shares up 44.82%
(Reporting by Saikeerthi in Bengaluru)
((Saikeerthi@thomsonreuters.com; (+91) 8296756080))
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Nomura initiates coverage of India's Lenskart with 'Buy' rating, shares up