Warby Parker: Plenty more than meets the eye; Initiate at Buy with $33 PO

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Warby Parker: Plenty more than meets the eye; Initiate at Buy with $33 PO

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Warby Parker

Plenty more than meets the eye; Initiate at

Buy with $33 PO

Initiating Coverage : BUY | PO: 33.00 USD | Price: 29.24 USD

From stylish spec seller to full service optical retailer 29 June 2026

We initiate coverage of Warby Parker with a Buy rating and $33 PO (~13% upside). Equity

Having disrupted the eyewear industry by selling stylish eyeglass at a fraction of the

price of much larger retailers, WRBY is now moving from lifestyle brand to full service Robert F. Ohmes, CFA Research Analyst

optical retailer. We think that transition will drive upside (excluding AI glasses) , to the BofAS

+1 646 855 0078

+DD rev. & 100 -200bp of targeted annual EBIT margin expansion algorithm. Our PO is robert.ohmes@bofa.com

based on 23x EV/EBITDA (51x C2027E EPS $0.65) , a premium to the average of unique Vicky Liu, CFA

merchandising driven, vertically integrated retailers with high (20%+ ) ROIC. Research Analyst

BofAS

+1 646 855 5115

Expanding a timeless & iconic brand with new initiatives yanjun.liu@bofa.com

WRBY’s value anchor is selling $95 frames but has leaned into its unique in -house

design, merchandising & marketing with new initiatives, including: 1) selling Google &

Samsung AI glasses, starting with audio -only in late 4Q followed later by AI display Stock Data

glasses; 2) a sports collection (launched Apr ’26) with broad appeal to progressive

wearers (pushes price to $ 595+), and likely boosts AI Rx rates; 3) lens es, frames & Price 29.24 USD

contacts expansion, supporting WRBY as a “one-stop shop ”; 4) an “Add a Pair and Save ” Price Objective 33.00 USD

deal (20% off a pair of equal or lesser value), which support s margin accretion & AOV. Date Established 29-Jun-2026