JPMorgan Initiates Hims & Hers With Overweight: Could the Novo Nordisk Deal Be the Turning Point?

Hims & Hers Health (NYSE:HIMS) conscionable picked up a high-profile endorsement. JPMorgan expert Cory Carpenter initiated sum with an Overweight standing and a $35 terms target, framing the telehealth platform's caller Novo Nordisk (NYSE:NVO) concern arsenic a imaginable "turning point" for the business.

The telephone lands with HIMS banal trading astatine $30.46. For semipermanent investors, JPMorgan's thesis reframes Hims & Hers banal from a compounded-GLP-1 communicative into a broader user healthcare platform.

Carpenter calls Hims & Hers a starring direct-to-consumer healthcare level with 2.5 cardinal subscribers spanning value loss, women's health, erectile dysfunction, hairsbreadth loss, and testosterone therapy. JPMorgan sees the multi-specialty exemplary and planetary footprint arsenic defensible standard advantages.

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The cardinal statement is that the Novo Nordisk woody removes a important ineligible overhang and positions Hims & Hers arsenic a level offering branded, generic, and compounded products. That pivot, JPMorgan argues, legitimizes the GLP-1 concern and widens the addressable market.

Hims & Hers closed fiscal 2025 with $2.35 cardinal successful revenue, up 59% twelvemonth implicit year, with Q4 gross of $617.82 cardinal and adjusted EPS of $0.08. Subscriber monetization improved, with monthly gross per subscriber reaching $83.

Management guided full-year 2026 gross of $2.7 cardinal to $2.9 cardinal and adjusted EBITDA of $300 cardinal to $375 million. Hims & Hers CEO Andrew Dudum is besides leaning connected M&A, including the Eucalyptus acquisition (ARR northbound of $450 million) to propulsion into Australia and Japan.

The timing matters due to the fact that the Novo Nordisk narration has been volatile, collapsing successful Q2 2025 implicit compounding practices earlier resuming. For a elaborate look astatine however telehealth names are being repriced astir GLP-1 access, spot this caller sum of GLP-1 telehealth winners.