Warby Parker initiated with a Neutral at BTIG

BTIG analyst Janine Stichter initiated coverage of Warby Parker with a Neutral rating. The company is an "industry disruptor" with a long runway ahead based on the size of the US eyewear market, the analyst tells investors in a research note. The firm adds however that in spite of the significant pullback in the stock price since the company’s IPO, its valuation is still expensive relative to its peer group.