On Monday, Loop Capital Markets adjusted their outlook on Warby Parker Inc. (NYSE:WRBY), increasing the price target from $19.00 to $27.00, while the Hold rating on the company's shares remained unchanged.
The revision follows Loop Capital's proprietary eye exam availability tracker's latest findings, which monitors appointment availability at a significant portion of Warby Parker's stores to assess consumer demand trends.
The recent channel checks by Loop Capital revealed that demand for Warby Parker's offerings has seen a sequential improvement from the third quarter of 2024, as well as a year-over-year increase. Based on these indicators, Loop Capital has revised its fourth-quarter 2024 revenue and EBITDA projections for the eyewear company above the consensus, citing relatively easy comparisons to the previous year's performance.
Despite the positive adjustment in revenue and EBITDA forecasts and the consequent increase in the price target, Loop Capital has decided to maintain its Hold rating on Warby Parker shares. The firm's analyst pointed to the stock's strong performance in the previous year and its current valuation levels as reasons for not shifting to a more bullish stance.
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