Morgan Stanley analyst Craig Hettenbach tells investors that the firm’s data reveals a year over year decline in monthly Hims & Hers app downloads for the first time, with 5% y/y web traffic growth in June, the weakest since March 2024. The firm says monthly app downloads are now 185,000, falling below the level seen prior to the launch of compounded GLP-1s. Morgan Stanley has an Equal Weight rating and $40 price target on shares of Hims & Hers.
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