Loop Capital sees slowing eye exams at Warby Parker

Loop Capital keeps a Hold rating and $12 price target on Warby Parker. The firm’s proprietary eye exam availability tracker that checks the number of appointments available across a sizable percentage of the company’s store base in order to gauge demand trends saw an increase in eye exam availability, indicating slowing demand trends, the analyst tells investors in a research note. The firm adds however that Warby Parker’s significant marketing spend increase likely resulted in a shift in brick-and-mortar eyeglass purchases to online, noting that any slowdown in in-store sales was likely made up by an acceleration in online ones.