New Delhi, Nov. 28 -- Lenskart share price rallied nearly 4% in early trade on Friday after global brokerage firm Jefferies assigned a 'Buy' call on the stock, expecting further upside potential. Lenskart shares gained as much as 3.86% to Rs.423.45 apiece on the BSE.

Jefferies initiated its coverage on the recently listed Lenskart shares with a 'Buy' rating and a target price of Rs.500, valuing it at 50x FY28E pre-Ind AS EBITDA, broadly in-line with high-growth Consumer & Internet peers. According to Jefferies, the premium valuation should be viewed in the context of opportunity and leadership.

Lenskart share price target implies an upside potential of nearly 23% from its previous closing price.

Lenskart Solutions is India's largest or...