Citi analyst Paul Lejuez downgraded National Vision (EYE) to Neutral from Buy with a price target of $22, down from $28, after the company announced that Walmart (WMT) has decided not to renew their agreement under which National Vision operates 230 Walmart optical locations. The news puts more emphasis on National Vision’s core business, which has been struggling with lackluster comps and higher spending on remote medicine initiatives that may take several years to pay off, the analyst tells investors in a research note. As such, Citi views the stock’s risk/reward as balanced.
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Read More on EYE:
- National Vision downgraded to Equal Weight from Overweight at Wells Fargo
- National Vision price target lowered to $20 from $23 at Barclays
- National Vision falls 9% at $22.62 after announcing end of pact with Walmart
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