Jefferies says ‘all data signs point to 3Q beat’ for Hims & Hers

Jefferies says both web traffic data and Bloomberg credit card data are “pointing us towards a sizable 3Q beat” from Hims & Hers, though adds that it is “hard to parse out how much is coming from the core vs the GLP-1 momentum.” The firm, which says its “best guess is the (company) is executing on both fronts,” which suggests that Q4 consensus estimates are also too low, adds that it is “clear our downgrade back in Apr was premature,” but expects shares to remain volatile as investors weigh GLP-1 momentum, industry supply constraints and FDA actions. Jefferies has a Hold rating and $18 price target on Hims & Hers shares.