Citi downgraded Hims & Hers to Neutral from Buy with a price target of $20, up from $16. With the stock up 20% since the GLP-1 launch announcement, Hims & Hers has effectively added $760M of enterprise value on limited new information, leaving little room for upside, the analyst tells investors in a research note. The firm downgrades the shares pending further detail on weight loss economics and durability. “To be sure, HIMS is tapping into a huge market by introducing GLP-1s to its platform,” adds Citi.
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