TD Cowen analyst Oliver Chen reiterated a Buy rating on Warby Parker (WRBY – Research Report) today and set a price target of $24.00.
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Oliver Chen has given his Buy rating due to a combination of factors including Warby Parker’s strategic partnership with Google to develop AI-powered glasses. This collaboration is seen as a significant step in innovation, with Google investing substantial resources in both product development and Warby Parker’s stock. The partnership is expected to enhance Warby Parker’s market presence and customer engagement, leveraging Google’s technology to create a new category of smart eyewear.
Moreover, the potential for smart glasses in the U.S. market is considerable, with an estimated total addressable market of $2-4 billion by 2030. Warby Parker’s direct-to-consumer model and strong customer service are seen as key advantages in capturing this opportunity. The anticipated launch of intelligent eyewear, which will cater to both prescription and non-prescription users, aligns with Warby Parker’s focus on tech-driven customer centricity. As a result, the price target for Warby Parker’s stock has been raised, reflecting the expected growth in customer acquisition and market expansion.
Chen covers the Consumer Cyclical sector, focusing on stocks such as Kohl’s, Ermenegildo Zegna, and Costco. According to TipRanks, Chen has an average return of 5.1% and a 51.50% success rate on recommended stocks.