Warby Parker initiated with a Neutral at Roth MKM

Roth MKM analyst Matt Koranda last night initiated coverage of Warby Parker (WRBY) with a Neutral rating and $26 price target The firm views Warby as a “formidable player” in the large and attractive optical category. Roth expects steady growth and margin expansion ahead, but believes this is factored into the stock’s valuation and consensus estimates. It would like to see store efficiency improve before endorsing Warby Parker’s “significant” brick-and-mortar expansion in the coming years.”