Analyst Oliver Chen of TD Cowen reiterated a Buy rating on Warby Parker, boosting the price target to $28.00.
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Oliver Chen has given his Buy rating due to a combination of factors that highlight Warby Parker’s strong growth potential and strategic initiatives. The company has shown impressive store expansion, with 300 stores currently open and a long-term goal of reaching 900 stores in the U.S., indicating significant room for growth. Additionally, Warby Parker’s partnership with Google to develop AI-powered eyewear positions the company to capitalize on the growing wearable technology market.
Furthermore, Warby Parker’s financial performance has been robust, with a notable increase in sales momentum across various segments, including glasses, contact lenses, and eye exams. The company has also demonstrated effective cost management, as evidenced by its improved EBITDA margin, which surpassed market expectations. These factors, combined with a raised guidance for fiscal year 2025, underscore Warby Parker’s potential for continued success, leading to the Buy rating with a price target of $28.
Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WRBY in relation to earlier this year.