Hims & Hers price target raised to $13 from $10 at Truist

Truist analyst Jailendra Singh raised the firm’s price target on Hims & Hers to $13 from $10 and keeps a Hold rating on the shares after its Q4 earnings beat and better than expected guidance. The company will continue to focus on moving more users towards personalized and longer duration orders in 2024, the analyst tells investors in a research note. The management also does not believe that any potential pricing actions would necessarily drive gross margin degradation given the impacts seen in 2023 were also offset by favorable dynamics such as a greater mix of users opting for more personalized, more premium, or longer duration products, the firm added.