Hims & Hers stock rises as Needham starts coverage with 'buy'

Hims

22/08/2024 14:55

(Updates)
    ** Shares of telehealth firm Hims & Hers Health  HIMS.N 
rise 4.77% to $17.36
    ** Needham starts coverage with "buy" rating and PT of $24,
"betting on the brand"
    ** Brokerage says "HIMS is more than just a GLP-1 growth
story"
    ** Adds HIMS is growing 40+% at over $1 bln in rev even
without GLP-1
    ** Sees growth runway via personalized products and
expansion across sexual health, dermatology and mental health
    ** Notes stock's higher volatility related to launch in
compounded GLP-1 space, but expects that to have more positive
than negative impact on HIMS fundamental profile 
    ** Stock up ~95% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))