Key Highlights

• BofA Raises Target to $36: Bank of America increased its price target to $36 from $25 while maintaining a Neutral rating, citing improving prescription trends.

• Canaccord More Bullish at $40: Canaccord raised its target to $40 from $32 while maintaining a Buy rating, reflecting stronger conviction in the GLP-1 opportunity.

• GLP-1 Demand Driving Enthusiasm: Both firms cited improving prescription trends, growing GLP-1 treatment demand, and enthusiasm around the weight-loss opportunity.

Hims & Hers Health (NYSE: HIMS) received fresh price target increases from two Wall Street firms, reflecting growing analyst conviction in the company's positioning within the rapidly expanding GLP-1 weight-loss drug market. Bank of America raised its target to $36 from $25 while maintaining a Neutral rating, and Canaccord raised its target to $40 from $32 while maintaining a Buy rating.

Both firms cited improving prescription trends, growing demand for GLP-1 treatments, and continued enthusiasm around the company's weight-loss opportunity as the primary drivers behind the revised targets. The dual upgrades reflect a broader institutional reassessment of Hims & Hers' commercial positioning following strategic developments in the GLP-1 market.

The company's partnership with Novo Nordisk (NYSE: NVO) — which allows branded Wegovy and Ozempic to be sold through the Hims & Hers telehealth platform — has transformed the company's GLP-1 strategy from compounded medication risk to legitimate branded drug distribution, a shift that has meaningfully improved analyst confidence in the durability of the revenue stream.

Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO) continue to report demand for their respective GLP-1 drugs that outpaces supply, an imbalance that benefits distribution platform partners like Hims & Hers by amplifying patient awareness of available access channels and increasing prescription volume flowing through the telehealth platform.

The divergence between BofA's Neutral and Canaccord's Buy rating at a higher target reflects a genuinely split analyst community on whether current valuation levels adequately price in the GLP-1 growth opportunity, leaving room for further sentiment improvement as prescription trend data continues to accumulate over coming quarters.

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