William Blair analyst Dylan Carden has maintained their bullish stance on WRBY stock, giving a Buy rating yesterday.
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Dylan Carden has given his Buy rating due to a combination of factors, including the potential growth opportunities stemming from Warby Parker’s partnership with Google for AI-enabled glasses. While the initial revenue and earnings contributions from this collaboration are expected to be modest, the long-term prospects are promising, especially considering the successful precedent set by EssilorLuxottica’s partnership with Meta.
Carden also considers the scale of Warby Parker’s existing business, which is projected to reach significant sales figures by 2025. Despite the challenges in achieving immediate revenue and profitability gains, the strategic alignment with a tech giant like Google could enhance Warby Parker’s market position and drive future growth. This potential for expansion, coupled with the innovative nature of the product, underpins the Buy rating.
In another report released yesterday, Citizens JMP also upgraded the stock to a Buy with a $30.00 price target.