These Analysts Boost Their Forecasts On Hims & Hers After Upbeat Earnings

Hims & Hers Health, Inc. HIMS reported better-than-expected fourth-quarter financial results and issued strong guidance on Monday.

Hims & Hers Health reported quarterly earnings of 1 cent per share which beat the analyst consensus estimate of losses of 3 cents per share. The company reported quarterly sales of $246.62 million which beat the analyst consensus estimate of $245.82 million by 0.33% and represents a 47.5% increase over sales of $167.2 million from the same period last year, according to data from Benzinga Pro.

“Our outstanding results in 2023 underscore the power of the Hims & Hers brands and superior execution across the organization,” said Andrew Dudum, CEO of Hims & Hers Health. “We are continuing to advance our mission to make the world feel great through the power of better health, which is evident in the significant, consistent and category-leading revenue growth and market share gains we have been delivering. In 2024, we expect to eclipse $1 billion in revenue and deliver our first full year of net income profitability through a continued focus on building personalized and accessible treatments in each of our core specialties.”

Hims & Hers Health sees first-quarter 2024 revenue in the range of $267 million to $272 million, versus the $252.548 million estimate. The company sees fiscal year 2024 revenue of between $1.17 billion and $1.20 billion, versus the $1.099 billion estimate.

Hims & Hers Health shares gained 31.9% to trade at $13.52 on Tuesday.

These analysts made changes to their price targets on Hims & Hers Health after the company reported quarterly results.

• Truist Securities boosted the price target on Hims & Hers Health from $10 to $13. Truist Securities analyst Jailendra Singh maintained a Hold rating.
• Piper Sandler raised the price target on Hims & Hers Health from $9 to $11. Piper Sandler analyst Michael Lavery maintained a Neutral rating.
• Citigroup increased the price target on Hims & Hers Health from $12 to $16. Citigroup analyst Daniel Grosslight maintained a Buy rating.
• Guggenheim raised the price target on Hims & Hers Health from $15 to $17. Guggenheim analyst Jack Wallace maintained a Buy rating.

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