Morgan Stanley calls Lenskart 'fairly valued', projects limited upside

• Morgan Stanley initiated coverage on Lenskart with an 'Equalweight' rating and a price target of ₹445, implying a 10% upside from Friday's close.
• The brokerage believes Lenskart is "fairly valued" at current levels, despite its potential to become a global eyewear leader.
• Lenskart reported a 21% year-on-year revenue rise and 45% EBITDA growth in its first quarterly results post-listing.
• The company expects further revenue and EBITDA improvement in Q3 and plans to add over 450 net stores across India.

Why It Matters: Investors should note Lenskart's stock is deemed 'fairly valued' with limited upside.