National Vision downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Kate McShane downgraded National Vision (EYE) to Neutral from Buy with a price target of $16, down from $25. The firm says near-term headwinds give it caution on the shares, such as the ongoing exam capacity constraints, margin headwinds due to the continued remote medicine rollout, and termination of the Walmart (WMT) partnership. While National Vision’s current valuation takes these headwinds into account, the lack of a clear catalyst for a multiple re-rating is what drives the downgrade, the analyst tells investors in a research note.