Citi raised the firm’s price target on Warby Parker (WRBY) to $22 from $17 and keeps a Neutral rating on the shares. The company announced it will be partnering with Google to develop artificial intelligence-powered glasses designed for all-day wear, driving the stock up 16%, the analyst tells investors in a research note. The firm says Google has committed up to $75M for the development and commercialization of the glasses with part of the money available immediately. Importantly, since launching in Sep 2023, Ray-Ban Meta glasses have sold over 2M units, Citi adds.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WRBY:
- Warby Parker and Google’s Strategic Partnership: A Leap into the Smart Eyewear Market
- Warby Parker’s Strategic Partnership with Google Fuels Innovation and Market Expansion in Smart Eyewear
- Warby Parker’s Strategic Partnership with Google: A High-Visibility Opportunity Justifying a Buy Rating
- Warby Parker Stock (WRBY) Jumps Nearly 20% on Google Smart Glasses Partnership
- Google showcases Android XR Glasses
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue