Hims & Hers price target lowered to $15 from $18 at Guggenheim

Guggenheim lowered the firm’s price target on Hims & Hers to $15 from $18 and keeps a Buy rating on the shares. The firm thinks the market was expecting Hims to add fewer subscribers than in Q2 and show deteriorating KPIs, but instead the company added more subscribers and showed improving KPIs, leading to a “beat and raise,” the analyst tells investors. The firm thinks “there is far more upside than downside,” but lowered its price target on the shares to account for lower market multiples.