Warby Parker downgraded to Market Perform from Outperform at Citizens JMP

Citizens JMP downgraded Warby Parker (WRBY) to Market Perform from Outperform without a price target following a transfer of coverage. The firm cites eyewear competition for the downgrade. Competitors have undercut Warby Parker on price as the company’s mid-tier brand is based on value, the analyst tells investors in a research note. Citizens believes it is “tough to be in the middle as a brand.”