JPMorgan starts Hims & Hers at Neutral, $32 price target

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โดย Investing.com·US·Read original
Summary · why it matters

JPMorgan initiated coverage of Hims & Hers Health with a Neutral rating and a December 2027 price target of $32, weighing the direct-to-consumer platform's rapid growth against execution risk in its shift to branded weight-loss drugs. Analyst Bryan Smilek noted the company has about 2.9 million subscribers across specialties including weight loss, women's health and hair loss, and is navigating a strategic transition in its GLP-1 business after saying in March it would prioritize branded, FDA-approved medications and stop advertising compounded GLP-1 offerings. Under a partnership with Novo Nordisk, Hims is said to have fulfilled more than 125,000 Wegovy shipments in the first six weeks of launch, and Smilek wrote that the Novo partnership should more than offset compounded GLP-1 headwinds, projecting 2026 GLP-1 revenue of $1.1 billion, up 46%, split between a decline in compounded sales and a surge in branded volumes. He pointed to a long runway, citing JPMorgan estimates that U.S. cash-pay GLP-1 users could reach more than 8 million by 2030 from about 2.8 million today, while the company targets 2030 revenue of more than $6.5 billion and adjusted EBITDA above $1.3 billion, aided by international expansion, new specialties such as peptides and AI-driven efficiency. Smilek said he is positive on Hims' vertical integration and leading brand scale and expansion across specialties and geographies, but wants to see execution on the branded GLP-1 transition, durable growth in newer specialties and margin expansion.

Impact on stocks 3

Health Care▲ · 1 stocks
Hims Hers Health Inc
HIMS
± MixedCapitalrelevance

JPMorgan initiates Hims & Hers at Neutral with a $32 price target, weighing growth against branded GLP-1 transition execution risk.

Biotech & Genomic Medicine▲ · 1 stocks
Novo Nordisk A/S
NOV
▲ PositiveDemandrelevance

Hims fulfilled over 125,000 Wegovy shipments in the first six weeks of launch under its Novo Nordisk partnership, supporting branded GLP-1 volumes.

Digital Finance & Tokenization▲ · 1 stocks
JPMorgan Chase & Co
JPM
± MixedCapitalrelevance

JPMorgan is the analyst firm issuing the initiation coverage, not a subject of fundamental news about its own business.

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