Morgan Stanley reports that third party data suggests 4% year-over-year growth in Hims & Hers app downloads in the month of May, which indicates downloads declined 6% on a month-over-month basis compared to 13% month-over-month growth a year ago. Notably, app downloads have declined month-over-month for four straight months, the analyst added. In addition, web traffic increased 8% year-over-year in May, marking the lowest growth since August 2024 and below the six-month average of 15%, according to the analyst, who has an Equal Weight rating and $40 price target on Hims & Hers shares.
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