Warby Parker price target raised to $19 from $18 at Evercore ISI

Evercore ISI analyst Mark Mahaney raised the firm’s price target on Warby Parker to $19 from $18 and keeps an Outperform rating on the shares following quarterly results. The firm believes its overall thesis on Warby’s growth catalysts remain intact, namely continued Active Customer growth acceleration, e-commerce growth recovery, and EBITDA margin expansion. Evercore notes Q1 Revenue came in 2% ahead of Street/ISI, EBITDA came in 15% ahead of Street/ISI, and Active Customers of 2.36M came in slightly below the Street, but in-line with ISI. Q2 revenue guide largely bracketed the Street, while Q2 EBITDA guide is slightly above the Street. The firm also highlights the company raised its FY24 outlook, with its revised revenue range bracketing the Street and its EBITDA range above.