EssilorLuxottica's Smart-Glasses Hype Meets Reality as Analysts Split on the Road Ahead
Published on 09/22/2026 at 16:03 | Editorial boerse-global.de
EssilorLuxottica finds itself caught between two narratives. On one side sits the promise of connected eyewear and medical-grade lens technology; on the other, a stock that has surrendered nearly half its value since the start of the year and a pair of analyst houses that cannot agree on where it goes next.
The Paris-based eyewear giant closed Monday at EUR 141.55, a level that leaves it down 48% year-to-date and values the group at EUR 63.76 billion. By Tuesday the shares were changing hands at EUR 142.80, still showing a 47% decline for 2026.
RBC Trims Its Target, Jefferies Holds Firm
Tuesday brought a fresh round of scorecard revisions. RBC Capital Markets cut its price target sharply to EUR 190 from EUR 230, though analyst Piral Dadhania kept an "Outperform" rating on the stock. His reasoning centers on the upcoming quarterly report, where he expects smart glasses to contribute less to overall growth than previously assumed. The traditional core business, he notes, continues to develop healthily — but near-term market expectations may still need a modest downward adjustment. Should that correction materialize, Dadhania believes it would likely be the last one.
Jefferies sees things differently. Analyst Julien Dormois reaffirmed a buy recommendation with an unchanged EUR 250 target. Following a discussion with Paris ophthalmologist Aurore Muselier-Mathieu, Dormois argued that ongoing innovation in ophthalmology and optometry remains a primary driver of growth and product premiumization.
Wearables Face a Harder Road
The divide over EssilorLuxottica's prospects runs straight through its most visible strategic bet. The connected glasses developed with Meta have accelerated adoption across the AI wearable segment, yet they are running into mounting headwinds. According to Reuters, privacy concerns and lawsuits against Meta and subsidiary Luxottica of America are weighing on the business. Among the allegations: that video recordings were inadequately protected by reviewers — a claim Meta denies. Some institutions have already responded with restrictions, including British pub chain Wetherspoon, which limited use of the devices on its premises.
Should investors sell immediately? Or is it worth buying EssilorLuxottica?
The broader market, however, remains anything but sluggish. Counterpoint Research data show global AI glasses shipments climbed 263% in the first half of 2026 compared with the same period a year earlier.
Clinical Milestones Shore Up the Core
While the technology debate plays out, EssilorLuxottica is quietly building credibility on the medical side. On August 27, the company published results from a clinical trial of its Stellest lenses in JAMA Ophthalmology. Physicians at multiple U.S. sites studied the highly aspherical microlens lenses in 159 nearsighted children.
The publication marks the first peer-reviewed release of a randomized study supporting an FDA approval process for these lenses. For the group, such ophthalmological advances carry weight beyond medical prestige — they underpin an established base business that is far less exposed to shifting consumer tastes than pure lifestyle products.
Board Closes Ranks Behind Leadership
The company has also moved to quiet internal questions about its direction. EssilorLuxottica's supervisory board unanimously reaffirmed full confidence in Chairman and CEO Francesco Milleri and Deputy CEO Paul du Saillant, throwing its collective weight behind the leadership team and its medium-term strategy. The move followed reports about the direction of the group's top ranks after the resignation of Del Vecchio.
Efforts like these — capital allocation discipline paired with a show of personnel unity — are aimed at steering market attention back to operations. Debates over governance and the shareholder structure had noticeably overshadowed how the company is perceived.
Whether the ophthalmology segment's operational momentum can offset unease among shareholders will define the coming quarters. If EssilorLuxottica can push new product approvals through quickly, that could lay the groundwork for a lasting calm.
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