Morgan Stanley reports that third party data point to a 20% year-over-year decline for Hims & Hers app downloads in the month of July and that overall app download growth declined 3% month-over-month. App download momentum in the Hers segment has “slowed considerably,” increasing 9% year-over-year in July, while the steady decline in Hims accelerated in July by dropping 32% year-over-year, according to the analyst, who sees these metrics raising the debate over growth in the core business and the company’s strategy. Morgan Stanley maintains an Equal Weight rating and $40 price target on Hims & Hers shares.
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