Citi raised the firm’s price target on Warby Parker (WRBY) to $22 from $17 and keeps a Neutral rating on the shares. The company announced it will be partnering with Google to develop artificial intelligence-powered glasses designed for all-day wear, driving the stock up 16%, the analyst tells investors in a research note. The firm says Google has committed up to $75M for the development and commercialization of the glasses with part of the money available immediately. Importantly, since launching in Sep 2023, Ray-Ban Meta glasses have sold over 2M units, Citi adds.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WRBY:
- Warby Parker and Google’s Strategic Partnership: A Leap into the Smart Eyewear Market
- Warby Parker’s Strategic Partnership with Google Fuels Innovation and Market Expansion in Smart Eyewear
- Warby Parker’s Strategic Partnership with Google: A High-Visibility Opportunity Justifying a Buy Rating
- Warby Parker Stock (WRBY) Jumps Nearly 20% on Google Smart Glasses Partnership
- Google showcases Android XR Glasses