Quick Read
JPMorgan initiated Hims & Hers (HIMS) with Overweight and $35 target, citing Novo Nordisk (NVO) partnership as a turning point legitimizing the GLP-1 business.
JPMorgan’s endorsement reframes Hims & Hers from a compounded-GLP-1 story into a broader platform play spanning weight loss, women’s health, erectile dysfunction, and other conditions, removing a significant legal overhang created by the previous Novo Nordisk relationship collapse.
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Hims & Hers Health (NYSE:HIMS) just picked up a high-profile endorsement. JPMorgan analyst Cory Carpenter initiated coverage with an Overweight rating and a $35 price target, framing the telehealth platform’s recent Novo Nordisk (NYSE:NVO) partnership as a potential “turning point” for the business.
The call lands with HIMS stock trading at $30.46. For long-term investors, JPMorgan’s thesis reframes Hims & Hers stock from a compounded-GLP-1 story into a broader consumer healthcare platform.
Ticker
Company
Firm
Action
Old Rating
New Rating
Old Target
New Target
HIMS
Hims & Hers Health
JPMorgan
Initiation
N/A
Overweight
N/A
$35
The Analyst’s Case
Carpenter calls Hims & Hers a leading direct-to-consumer healthcare platform with 2.5 million subscribers spanning weight loss, women’s health, erectile dysfunction, hair loss, and testosterone therapy. JPMorgan sees the multi-specialty model and international footprint as defensible scale advantages.
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The central argument is that the Novo Nordisk deal removes a significant legal overhang and positions Hims & Hers as a platform offering branded, generic, and compounded products. That pivot, JPMorgan argues, legitimizes the GLP-1 business and widens the addressable market.
Company Snapshot
Hims & Hers closed fiscal 2025 with $2.35 billion in revenue, up 59% year over year, with Q4 revenue of $617.82 million and adjusted EPS of $0.08. Subscriber monetization improved, with monthly revenue per subscriber reaching $83.
Management guided full-year 2026 revenue of $2.7 billion to $2.9 billion and adjusted EBITDA of $300 million to $375 million. Hims & Hers CEO Andrew Dudum is also leaning on M&A, including the Eucalyptus acquisition (ARR north of $450 million) to push into Australia and Japan.
Why the Move Matters Now
The timing matters because the Novo Nordisk relationship has been volatile, collapsing in Q2 2025 over compounding practices before resuming. For a detailed look at how telehealth names are being repriced around GLP-1 access, see this recent coverage of GLP-1 telehealth winners.
HIMS shares are still down 6% year to date, leaving room between the current quote and JPMorgan’s $35 target. Reddit sentiment around Hims & Hers has stayed consistently bullish, with scores of 70 to 82 through April.
What It Means for Your Portfolio
The bull case for Hims & Hers stock is straightforward: platform economics, Rest of World revenue growing 825% year over year, and a long-term target of at least $6.5 billion in 2030 revenue. JPMorgan’s Overweight rating validates that runway.
The bear case deserves equal weight, though. Compounded semaglutide remains under regulatory scrutiny, Hims & Hers’ gross margin compressed roughly 500 basis points to 72%, and the company carries about $1 billion in convertible debt. Securities class actions tied to the original Novo termination also remain unresolved.
For retirement-focused investors, Hims & Hers stock looks more like a growth allocation than a core holding. Modest position sizing, with room to average in if the Novo Nordisk relationship matures into durable branded GLP-1 distribution, is the prudent way to play this initiation.
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