Hims & Hers price target raised to $11 from $9 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer raised the firm’s price target on Hims & Hers to $11 from $9 and keeps a Neutral rating on the shares. The firm notes the company delivered a solid Q4 and set stronger than anticipated expectations for 2024 as management proves they are on a path toward healthier margins. Piper is nonetheless pleased with what it saw in the results and is becoming more confident in the company achieving double digits adjusted EBITDA percentage and stronger earnings power here in the next 12-24 months. That said, the firm still views risk/reward as more balanced as it better understands the visibility management has into top line growth targets and cost leverage being able to offset strategic spending.