TD Cowen downgraded Hims & Hers to Hold from Buy with a price target of $30, down from $44. The shares could be range-bound with weight loss drugs no longer in shortage, the analyst tells investors in a research note. The firm believes share upside to the remainder of the year could be limited after Hims & Hers’ “strong” Q1 as compounded GLP-1s are no longer offered beyond May 22. Management’s weight loss revenue guide of $725M for the year could prove to be too optimistic if current GLP-1 users do not switch into Liraglutide or oral medications and prospective weight loss users opt for GLP-1 options elsewhere, adds TD. Further, the firm believes Hims & Hers’ competitive landscape is intensifying.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HIMS:
- WW jumps after Galloway takes stake, pans bankruptcy path
- Citi cuts Hims & Hers target, opens ‘downside short-term view’
- Hims and Hers Health call volume above normal and directionally bullish
- FDA alert on finasteride could elevate churn for Hims & Hers, says BofA
- Sell Rating Issued for Hims & Hers Health Amid FDA Concerns on Topical Finasteride