Hims & Hers upgraded to Buy at Jefferies ahead of FY23 guidance

As previously reported, Jefferies analyst Glen Santangelo upgraded Hims & Hers to Buy from Hold with a price target of $11, up from $7. After having analyzed app downloads, web traffic and market share for Hims & Hers, the firm said the data continue to suggest momentum in the underlying business remains strong and it is becoming "increasingly confident" that F23-24 consensus estimates may prove conservative, prompting an upgrade of the shares ahead of the company’s upcoming presentation of its FY23 guidance.