Telehealth and wellness platform Hims & Hers Health (HIMS) recently disappointed investors with its mixed second-quarter results. While the company’s Q2 revenue grew 73% to about $545 million, it missed the Street’s expectations. Meanwhile, Q2 earnings beat the consensus estimate. Even after the post-earnings selloff, HIMS stock is still up 90% year-to-date. However, Wall Street doesn’t see the pullback as a buying opportunity and is cautious due to several near-term challenges, including weakness in the non-GLP-1 business and legal risks associated with the fallout with pharma giant Novo Nordisk (NVO) over the illegal sale of knockoff versions of weight-loss drugs.
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Analysts Remain Sidelined on Hims & Hers Health Stock
Following the Q2 print, TD Cowen analyst Jonna Kim increased the price target for HIMS stock to $48 from $43 but reiterated a Hold rating. The 4-star analyst highlighted that Q3 2025 EBITDA guidance fell short of expectations, as management continues to invest in growth initiatives. While HIMS reiterated its full-year revenue guidance, including weight loss revenue, Kim expressed concerns about near-term headwinds from the sexual health business and sequentially lower GLP-1 revenue in Q3 2025 (as a portion of subscribers who were on commercially available dosages ended their subscriptions) before re-accelerating in the fourth quarter.
He also noted potential litigation/regulatory risks that could impact the company’s ability to offer personalized semaglutide. Kim acknowledges that Hims & Hers Health is investing in the right infrastructure to support future growth. That said, he expects such investments to weigh on HIMS’ margins. Among other near-term headwinds, Kim also noted the impact of transitioning subscribers to daily offerings within the sexual health business and tougher comparisons in the second half of the year that may limit substantial upside in the stock over the near term.
Likewise, Truist Securities analyst Jailendra Singh reiterated a Hold rating on Hims & Hers Health stock with a price target of $48. He pointed out that the company maintained its 2025 guidance despite the inclusion of around $50 million of revenue contribution from the Zava acquisition. Singh noted that the company expects continued headwinds from the rotation of sexual health specialty toward more premium daily offerings for the next couple of quarters. He added that the non-GLP-1 business has been trending worse than his expectations. Singh also noted that management’s full-year outlook is now dependent on the weight loss business largely staying stable in the second half versus Q2 trends. With Truist’s July card data showing trends remaining soft in early Q3, Singh remains skeptical about the company’s ability to hit its outlook.
Is HIMS a Good Stock to Buy?
Overall, Wall Street is sidelined on Hims & Hers Health stock, with a Hold consensus rating based on seven Holds, two Buys, and two Sell recommendations. The average HIMS stock price target of $49.11 indicates 7.6% upside potential.
