Hims & Hers price target raised to $24 from $20 at Canaccord

Canaccord raised the firm’s price target on Hims & Hers to $24 from $20 and keeps a Buy rating on the shares after the company announced the addition of GLP-1 treatment to its portfolio of weight loss solutions, with prices starting at $199 per month. With 70% of American adults being considered obese or overweight, according to the FDA, and the weight loss drug market expected to increase to over $80B by 2032, according to DataHorizzon Research, the news is a” significant strategic development for the company,” the analyst tells investors in a research note. The firm says that while there are still some questions around the offering, the launch significantly expands Hims & Hers’ addressable market and the platform’s cross-selling capabilities by bringing a high-demand medication to consumers at very affordable prices.