Hims & Hers Health (HIMS) stock was down about 11% on Tuesday, as of writing, after the telehealth company reported a larger-than-anticipated loss for Q1 2026 and issued weak earnings guidance. The first quarter marks a “transition” phase for the company as it reduces its reliance on compounded GLP-1s and moves toward branded weight-loss drugs. Analysts had mixed reactions to the Q1 performance and outlook.
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Needham, Canaccord Raise HIMS Stock Price Targets after Q1 Print
Needham analyst Ryan MacDonald increased his price target for Hims & Hers stock to $35 from $30 and reaffirmed a Buy rating. The analyst said that while Q1 results missed Needham’s estimates and management lowered its 2026 adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) outlook, he remains bullish on HIMS stock due to the opportunity ahead.
Notably, MacDonald believes that HIMS’ renewed deal with Novo Nordisk (NVO) is translating into solid early demand, with the company on track to add 100,000 new weight-loss subscriptions per month. The analyst added that management’s investments in the next phase of global growth are required, as he expects GLP-1s to be the “centerpiece for a broader longevity play.”
MacDonald expects the Novo deal to drive higher net-new subscriptions for HIMS, creating cross-sell opportunities across multiple categories, including labs, testosterone, and menopause care.
Likewise, Canaccord analyst Maria Ripps increased her price target for HIMS stock to $32 from $30 and reiterated a Buy rating. The 5-star analyst noted that HIMS reported mixed Q1 results, with both revenue and adjusted EBITDA missing expectations. Ripps noted that growth was impacted by tough year-over-year comparisons due to record weight-loss net additions and faster shipping cycles related to the company’s shift toward branded GLP-1s.
Evercore Analyst Remains on the Sidelines
Meanwhile, Evercore analyst Mark Mahaney reiterated a Hold rating on Hims & Hers Health stock with a price target of $24. Calling the quarter noisy, the 5-star analyst noted that while the company’s shift toward branded GLP-1 drugs increased its market opportunity, it hurt short-term profits more than analysts had expected.
Mahaney highlighted that Q1 adjusted EBITDA was impacted by about $33 million in one-time restructuring charges related to the impairment of compounded GLP-1 inventory. The analyst noted the post-earnings selloff in HIMS stock, as investors reacted to weak Q2 EBITDA guidance and further gross margin contraction through the year. “We came into the year expecting tough comps and GLP-1 noise, but the magnitude of the EBITDA reset is the surprise,” said Mahaney.
The analyst is cautious on HIMS stock due to modest acceleration in revenue growth, moderating EBITDA margins, and investments throughout 2026. While Mahaney continues to believe that investors may be underappreciating HIMS’s growth potential beyond weight loss, including in areas such as hair loss, sexual health, and mental health, he prefers to stay on the sidelines until issues related to the company’s GLP-1 compounded-to-branded shift and the associated revenue-recognition policies are clearer. He thinks it is better to be cautious until HIMS shows strong international growth or successfully expands into other specialty healthcare areas beyond weight loss.
Is HIMS Stock a Good Buy?
Wall Street has a Moderate Buy consensus rating on Hims & Hers Health stock based on 10 Holds and five Buys. The average HIMS stock price target of $29.62 indicates about 11% upside potential.
These ratings/price targets could be revised as more analysts react to the Q1 print and outlook.
