Warby Parker downgraded to In Line at Evercore after stock price nearly doubled

As previously reported, Evercore ISI downgraded Warby Parker (WRBY) to In Line from Outperform with a $23 price target Shares have surged nearly 100% over the last four months and the firm finds the risk reward outlook to be “less compelling at current levels,” the analyst tells investors. The company continues to benefit from “an impressive management team that has delivered a consistent track record of execution excellence,” but the firm believes the company’s fundamental strengths and growth prospects are now reasonably reflected in shares and sees few catalysts that could drive a meaningful inflection or significant outperformance in the stock over the next 12 months.