National Vision Holdings (EYE) Revenue Estimate Increased After Jefferies Analyzies A Full Quarter of Traffic
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Jefferies analyst Stephanie Wissink reiterated a Buy rating and $70.00 price target on National Vision Holdings (NASDAQ: EYE) after tracking a full quarter of traffic momentum. This revealed improved throughput, but with modest offsets for higher costs tied to ticket size, less favorable mix, and elevated labor rates.
The analyst stated "We are upping our Q4 revenue estimates +2% to $458M vs. $450M prior, at the high end of guidance, though we recognize there is achievable upside potential. Our FY22 top line estimates are materially unchanged though we flow through a more conservative GM forecast (FY22 -50bps, FY23 -40bps vs. prior), ahead of 2019/2020 but slightly below 2021 to account for midterm variables related to ticket size, mix, wage inflation, etc. We see +L/MSD unit growth and +MSD comp growth incl. pricing as sustainable. With shares trading well below average and below implied forward year growth (near to multiple lows when growth was in question), we suggest a fresh revisit to EYE shares and thesis."
Shares of National Vision Holdings closed at $40.16 yesterday.
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