Warby Parker price target lowered to $20 from $30 at TD Cowen

TD Cowen analyst Oliver Chen lowered the firm’s price target on Warby Parker (WRBY) to $20 from $30 and keeps a Buy rating on the shares. The firm notes the company reported EBITDA 3% ahead of expectations of $28M at $29M despite lower-than-expected gross margin as SG&A leverage of -242bps drove profitable growth. Management is working quickly to offset the tariff impact through mitigation strategies and expense management, although EBITDA guidance lowered by $6M at the low-end.