Warby went public in a direct listing Sept. 29.
Goldman analyst Brooke Roach initiated coverage with a $72 price target to go with her buy rating. The stock recently traded at $57.42, up 0.86%
“We view WRBY as a high-growth, omni-channel brand with exposure to the structurally growing vision-care market,” she wrote in a commentary, adding the firm's enthusiasm was underpinned by Warby Parker’s strong brand, expanded brick-and- mortar footprint, ability to capture market share and EBITDA margin improvement.
Further, “relative to other stocks in our coverage universe, we believe WRBY screens well among key investor concerns, such as supply chain, freight, and first-half 2022 growth momentum,” Roach said.
“Initially an e-commerce disruptor that has since diversified to a true omni-channel business, we believe Warby Parker’s strong brand is evidenced by high NPS [net promoter scores], a premium design-forward product at a unified price point and multi-channel differentiated customer service,” she said.
Warby’s arsenal includes “telehealth offerings, app-based virtual programs (try-on and prescription check) and at-home try on programs,” Roach said.
As for other analysts, Citi rates Warby buy with a $67 price target, Cowen rates it outperform with a $66 price target, Baird rates it outperform with a $68 price target and Telsey Advisory Group rates it outperform with a $66 price target.
Others including Evercore ISI rate Warby inline with a $54 price target, while Morgan Stanley rates it equal weight with a $57 price target.