Four Wall Street Firms Lift HIMS Price Targets After Q2 Revenue Jumps 38%

Four Wall Street firms raised their price targets on Hims & Hers Health (NYSE: HIMS) on Tuesday, August 11, following the company's second-quarter results released the prior day that showed revenue of $753.2 million, up 38% year-over-year, and a lifted full-year outlook. Shares fell -3.97% on Tuesday to close at $30.51, while the S&P 500 declined 0.32%.

Analyst Price Target Changes

• Deutsche Bank analyst George Hill maintained a Hold rating and raised his price target from $25 to $26.
• B of A Securities analyst Allen Lutz maintained a Neutral rating and raised his price target from $30 to $32.
• TD Cowen analyst Jonna Kim maintained a Hold rating and raised her price target from $25 to $30.
• Morgan Stanley analyst Craig Hettenbach maintained an Equal-Weight rating and raised his price target from $21 to $28.

Q2 2026 Results in Brief

• Total revenue reached $753.2 million in Q2 2026, up 38% from $544.8 million in Q2 2025.
• Subscribers grew to 2.891 million at quarter-end, up 19% year-over-year from 2.439 million.
• Monthly revenue per average subscriber rose 21% year-over-year to $92.
• Q2 gross margin contracted to 64% from 76% in the year-ago period.
• Net loss was $86.3 million in Q2 2026, compared to net income of $42.5 million in Q2 2025.
• Adjusted EBITDA was $60.3 million, down from $82.2 million in Q2 2025.

Why It Matters

The revised price targets reflect the company's accelerating top-line growth, driven by both domestic expansion and an international business that grew more than 17-fold year-over-year following the close of the Eucalyptus acquisition in June. Hims & Hers raised its full-year 2026 revenue guidance to a range of $3.1 billion to $3.3 billion and updated its Adjusted EBITDA guidance to a range of $275 million to $325 million. For Q3 2026, the company guided for revenue of $880 million to $900 million and Adjusted EBITDA of $75 million to $95 million.

Despite the raised targets, all four analysts maintained cautious ratings, none moving above a Hold or equivalent. The gap between top-line strength and profitability metrics is a central concern: gross margin fell 12 percentage points year-over-year to 64% in Q2 2026, and the company swung to a net loss of $86.3 million from net income of $42.5 million in the prior-year quarter. Adjusted EBITDA also declined year-over-year, from $82.2 million to $60.3 million, as cost of revenue and operating expenses grew faster than revenue.

Wall Street View

All four firms that revised their targets on Tuesday maintained neutral-to-cautious stances. Morgan Stanley's Craig Hettenbach posted the largest target increase in absolute terms, moving from $21 to $28, while TD Cowen's Jonna Kim raised by $5 to $30. B of A's Allen Lutz set the highest target of the group at $32. The consensus across these firms reflects acknowledgment of meaningful revenue momentum alongside concern about margin compression and the pace of profitability recovery.

Investor Takeaway

The cluster of raised price targets acknowledges that Hims & Hers is scaling revenue at a meaningful pace, but the uniform absence of upgrades points to a market still waiting for evidence that growth can translate into sustained profitability. With full-year Adjusted EBITDA guided between $275 million and $325 million against a revenue range of $3.1 billion to $3.3 billion, the implied Adjusted EBITDA margin of approximately 9% to 10% leaves limited room for error if integration costs or marketing spend increase further. The gap between the most bullish analyst target ($32, BofA) and the most conservative ($26, Deutsche Bank) reflects genuine disagreement about how quickly the margin trajectory can improve.