Warby Parker upgraded to Buy from Neutral at BTIG

BTIG upgraded Warby Parker to Buy from Neutral with a $17 price target. The firm’s survey work shows “significant untapped opportunity” for Warby Parker. The analyst believes the company has the “right playbook in place to capitalize on this potential.” In addition, checks suggest accelerating momentum, which portends upside to estimates both in Q3 and going forward, the analyst tells investors in a research note. BTIG says the replenishment-driven nature of the eyewear category is well positioned amid a choppy macro environment. The category is likely on the cusp of seeing benefits from multi-year pent-up demand, it contends.