Barclays raised its price target for Hims & Hers Health (NYSE: HIMS) to $39 from $29. This adjustment represents a potential upside of more than 34%. The bank affirmed its Overweight rating on the stock.
Analysts cited proprietary data showing a strong reacceleration in the company’s GLP-1 business. Hims & Hers recently shifted its strategy to offer branded GLP-1 medications, including Novo Nordisk products, via its telehealth platform.
Internal metrics show increased website traffic and transaction volumes following the Novo Nordisk partnership. App user growth also rose significantly after the company expanded its weight-loss treatment offerings.