Hims & Hers price target lowered to $28 from $30 at BofA

BofA lowered the firm’s price target on Hims & Hers to $28 from $30 and keeps a Neutral rating on the shares after the company announced that it intends to offer $300M aggregate principal amount of convertible notes due 2032 in a private offering. The proposed convertible offering reinforces the firm’s view that Hims’ near-term margin trajectory remains pressured, with international unlikely to be positive catalyst to profitability in the near-term, the analyst tells investors.