Hims & Hers price target raised to $39 from $35 at Piper Sandler

Piper Sandler raised the firm’s price target on Hims & Hers to $39 from $35 and keeps a Neutral rating on the shares. The firm notes that after-hours share reaction signals that investors need more certainty to be comfortable here, even when the Q1 report looks solid. Specifically, management reiterated their full year sales outlook, but this is despite delivering a nice Q1 beat and the new Wegovy partnership. Management also laid out an ambitious longer-term plan, creating a challenging show-me story for themselves, Piper adds. That said, margins are expanding nicely, and this is still a name delivering stronger financial performance than others in the firm’s space.