07:30 AM EDT, 05/10/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target by $2 to $17, calculated using a 28x EV/EBITDA multiple against our 2024 adj-EBITDA estimate of $75M. Our target price implies a 2024 price/sales multiple of about 2.7x. We lift our 2024 EPS to $0.27 from $0.19 and 2025's to $0.36 from $0.25. Q1 revenue of $200M (+16% Y/Y) beat by $3M, with adj-EBITDA of $22.4M beating the $19.7M consensus. WRBY raised its 2024 outlook, now targeting revenue of $753M to $761M (up from $748M to $758M) and adj-EBITDA of about $70M (up from $68M). WRBY has added 41 net new stores over the last 12 months (now with 245 stores, with the long-term potential of 900+ stores). The company ended Q1 with 2.4M active customers, up 3.2% on a trailing 12-month basis. Adj-gross margin was 56.9% this quarter, up from 55.2% in the prior year quarter, driven by growth in its glasses business (highest margin product). Our Buy opinion reflects WRBY's strong brand, long runway of store growth, and margin expansion opportunities as it scales its business.