Hims & Hers price target raised to $26 from $22 at BofA

BofA raised the firm’s price target on Hims & Hers to $26 from $22 and keeps a Buy rating on the shares. An inflection in web traffic to the Hers platform at the end of May and upside in observed sales may be due in part to strength around the initial GLP-1 launch, says the firm, which adds that the May data give BofA incremental confidence in the company’s ability to execute ahead of estimates in Q2 and it has raised its estimates as a result. The firm also increased the multiple to reflect better visibility into near-term growth, the analyst noted.