Hims & Hers upgraded to Buy from Hold at Needham

Needham analyst Ryan MacDonald upgraded Hims & Hers (HIMS) to Buy from Hold with a $30 price target after the announcement that Novo Nordisk (NVO) has set aside its differences and will partner with the company once more, enabling Hims to sell commercially available doses of Ozempic and Wegovy, including the new pill form factor. The partnership alleviates concerns around legal risk, says the firm, which believes today’s move up in shares “still understates the revenue opportunity now ahead” given that the Wegovy pill is most commonly procured via cash pay and not yet factored into the company’s outlook.