Hold Rating for Hims & Hers Health Amid Mixed Results and Growth InvestmentsWe believe HIMS is building the right infrastructure for future growth by investing behind new specialties, lab testing capabilities, and technology, while simultaneously targeting international expansion. That said, to achieve these long-term goals, we expect HIMS to invest in the business over the next year, which will likely weigh on margins. Further, there are near-term headwinds, such as the impact of transitioning subscribers to daily offerings within sexual health and tougher comparisons in 2H25 that may limit substantial upside in FY25 vs. elevated expectations for the stock. We remain Hold given the near-term dynamics but raise our PT to $48 based on ~4x FY2 EV/Sales.