Investors in Warby Parker (NYSE:WRBY) stock are celebrating on Tuesday after the eyewear company’s shares got an upgrade.
Evercore ISI analyst Mark Mahaney is behind today’s news with an upgrade from an “in-line” rating to an “outperform” rating. To put that rating in perspective, the analysts’ consensus rating for WRBY stock is hold based on 10 opinions.
In addition to that upgrade, the Evercore ISI analyst also set a price target of $20 per share for WRBY shares. That represents a potential 50.7% upside compared to the stock’s prior closing price. It’s also bullish next to the analysts’ consensus price prediction of $17.33 per share.
Why the Bull Stance on WRBY Stock?
Here’s what Mahaney said about WRBY stock in a note to clients obtained by CNBC:
“We view WRBY’s valuation as highly attractive vs. comps, on a growth-adjusted basis. A highly competitive optical vision market and some uncertainty over WRBY’s long-term sustained profitability potential remain real risks, but we see these risks as more than fully reflected in current valuation.”
The positive stance on WRBY stock is pushing the shares higher today alongside strong trading. As of this writing, around 690,000 shares have changed hands. That’s closing in on its daily average trading volume of about 1 million shares.
WRBY stock is up 9.2% as of Tuesday morning.
Investors seeking out even more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the most recent stock market coverage traders need for Tuesday! Among that is what has shares of Nio (NASDAQ:NIO), Plug Power (NASDAQ:PLUG) and HP (NYSE:HPQ) stock on the move today. All of that news is available at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
