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National Vision Holdings Inc (NASDAQ:EYE) posted its first earnings report as a public company Thursday. It reported an EPS of 8 cents, a penny better than the consensus.
The Analyst
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Morgan Stanley's Simeon Gutman reiterated an Overweight rating on National Vision with a $36 price target.
The Thesis
National Vision reported strong comps of 9.1 percent, which included approximately 160 bps of hurricane-related headwinds, Gutman said in a Thursday note. (See Gutman's track record here.)
The company's gross margin declined approximately 90 bps, but lower SG&A led to flat EBIT margin and 15-percent EBIT growth, which is Gutman's long-term forecast for the business. The analyst said he expects to see a meaningful upside to comp estimates over the next few years as National Vision takes market share.
The company offers defensiveness given its strong positioning in the non-cyclical eyeglass industry and growth through store expansion, said Gutman. His $36 price target assumes 6-percent comps and 20 bps of annual EBIT margin expansion and implies a 15 times 2019 EBITDA multiple.
The Price Action
National Vision Holdings Inc (NASDAQ:EYE) is trading 0.85 percent higher at $33.18 at the time of publication Friday. The stock has gained about 15 percent since its first trading session Oct. 26.
Related Link:
An Analyst Gives 8 Reasons To Buy National Vision
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.