Goldman Sachs upgraded WRBY to “buy” from “neutral”
Eyewear stock Warby Parker Inc (NYSE:WRBY) is on the rise today, after an upgrade from Goldman Sachs to “buy” from “neutral,” with a price-target hike to $18 from $15. The analyst in coverage cited strong margin growth and improving fundamentals in comparison to its competitors.
At last glance, WRBY was up 3.5% to trade at $17.13, heading for its highest close since early June. Today’s pop also has the equity jumping above recent pressure at $16.50. Year to date, the stock is up over 20%.
Of the 15 analysts in coverage, nine now carry a “buy” or better rating, with six a “neutral,” while the 12-month consensus price target of $17.15 is in line with current levels. This leaves plenty of potential for further bull notes that could push the stock higher.
It’s also worth noting that short interest represents 14.6% of the stock’s available float. It would take shorts nearly nine days to cover, at WRBY’s average pace of trading.