Hims & Hers price target raised to $38 from $28 at Canaccord

Canaccord raised the firm’s price target on Hims & Hers to $38 from $28 and keeps a Buy rating on the shares. The stock rallied 70% in November as Hims & Hers reported strong Q3 results, with revenue and profitability coming in well ahead of consensus estimates, the analyst tells investors in a research note. The firm says the company’s personalized dosing and frequent provider communication appears to be driving strong retention of weight loss prescriptions. Management emphasized that it remains confident that there is a path for the company to continue offering compounded personalized GLP-1 solutions even in an non-shortage environment, adds Canaccord.