Hims & Hers has been one of the most closely watched names in digital health this month. Between the FDA’s peptide announcement, a Novo Nordisk settlement, and a flood of analyst revisions, the stock has barely had a moment to breathe.
Now Bank of America has weighed in again. And the reason behind this latest move is different from what drove the earlier wave of upgrades.
What Bank of America just did
BofA Securities raised its price target on Hims & Hers to $32 from $30 on April 24, while maintaining a Neutral rating on the shares.
The catalyst this time was not peptides. It was the company’s announcement that its platform now enables providers to prescribe Eli Lilly’s weight-loss medications, including Zepbound vials, KwikPen, and Foundayo, through the LillyDirect pharmacy system, according to Investing.com.
More Wall Street
The analyst noted that any licensed healthcare professional can prescribe to the LillyDirect pharmacy, meaning the arrangement is not a formal exclusive partnership. Still, BofA took a “neutral-to-positive view” on the news, saying it could “create goodwill” with Eli Lilly and that Hims is likely to continue pursuing similar brand relationships.
This is BofA’s second target raise on HIMS this month
The April 24 revision was not the first time Bank of America adjusted its view on HIMS in April. On April 16, the firm had already raised its price target from $21 to $25, citing the FDA’s decision to schedule a July advisory committee meeting to evaluate several peptides for potential inclusion on the 503A Bulks List, according to 24/7 Wall St.
That first raise reflected emerging optionality around peptide therapies, where Hims already owns a California-based manufacturing facility acquired in February 2025. The second raise, a week later, reflected the Lilly distribution development.
Together, the two moves represent a cumulative $11 increase in BofA’s target in just eight days, while the Neutral rating has held steady throughout.
The distinction matters. A rising price target with a flat rating is a signal that the business environment is improving, but not necessarily that the bank is ready to call the stock a buy. BofA is acknowledging the positive developments without endorsing the current price as a clear entry point.
What the Lilly deal actually means
The Lilly development is strategically significant for Hims even without a formal partnership label. Patients accessing Lilly’s medications through Hims & Hers’ platform would pay the company’s $149 monthly fee plus additional fees and the cost of medication through LillyDirect, according to Investing.com. BofA noted the overall price point is relatively expensive compared to alternatives.
But the firm sees a longer-term strategic benefit. By distributing branded medications through its platform, Hims essentially functions as outsourced marketing for large pharmaceutical companies. That dynamic could strengthen the company’s relationships with drug manufacturers over time, even if near-term revenue contributions from Lilly are modest.
This fits a pattern Hims has been building. The company ended 2025 with over 2.5 million subscribers, up 13% year-over-year, generating $83 per subscriber per month, according to 24/7 Wall St. Full-year 2025 revenue came in at $2.35 billion, up 59% year-over-year, with management guiding for $2.7 billion to $2.9 billion in 2026.
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Where the rest of Wall Street stands on Hims & Hers
BofA is far from alone in shifting its view on HIMS in April. The analyst community has been actively repricing the stock as multiple catalysts landed in quick succession.
JPMorgan initiated coverage with an Overweight rating and a $35 price target. Leerink reiterated a Market Perform rating, calling the FDA peptide review a “clear positive” while cautioning it would not immediately translate into revenue, according to CNBC. Morgan Stanley maintained an Equal-weight rating and a $21 price target, the most cautious major call on the stock, arguing that the rally had already run ahead of near-term fundamentals.
The Wall Street consensus now sits at Hold with an average price target of approximately $32.53, according to Markets Daily. That places BofA’s new $32 target right at the consensus midpoint, which is consistent with the firm’s Neutral stance.
Key analyst moves on Hims & Hers in April 2026:
- Bank of America: Raised target to $32 from $30, Neutral rating, citing Eli Lilly distribution development, April 24, according to TipRanks
- Bank of America: Raised target to $25 from $21, Neutral rating, citing FDA peptide optionality, April 16, according to 24/7 Wall St.
- JPMorgan: Initiated Overweight, $35 price target, according to Markets Daily
- Leerink Partners: Market Perform, $25 price target, called FDA peptide review a “clear positive,” per CNBC
- Morgan Stanley: Equal-weight, $21 price target, most cautious major call on the stock, according to TipRanks
- Wall Street consensus: Hold, average price target approximately $32.53, according to Markets Daily
- HIMS 52-week range: $13.74 to $70.43, reflecting the stock’s extreme volatility
The Hims & Hers risks that have not gone away
Despite the string of positive catalysts, several material risks remain in place. The company’s 2026 guidance assumes continued access to compounded semaglutide.
Gross margins compressed roughly 500 basis points year-over-year in recent quarters. Free cash flow turned negative in Q4 2025 at negative $2.57 million, according to 24/7 Wall St.
There is also competitive pressure. Amazon launched a weight management program through Amazon One Medical that integrates GLP-1 medications with primary care services, a direct challenge to Hims’ telehealth model.
And insider selling has continued, with CFO Oluyemi Okupe selling 19,645 shares on April 20 at an average price of $29.96, according to Markets Daily.
What this means for potential Hims & Hers investors
Bank of America’s double target raise in eight days reflects a business that is adding catalysts faster than analysts can model them. The Lilly distribution deal, the FDA peptide review, the Novo Nordisk settlement, and a JPMorgan initiation have all landed within a compressed window.
But the Neutral rating held throughout both raises. That signals BofA believes the risk-reward is roughly balanced at current levels. The stock’s next meaningful test will come from earnings, where investors will want to see whether subscriber growth is holding, margin pressure is stabilizing, and the company’s pipeline of partnerships is translating into revenue rather than just goodwill.
At a consensus target of $32.53 and a Hold rating from most analysts, the message from Wall Street is not “buy aggressively.” It is “watch closely.” And with this many moving parts, that may be exactly the right posture.
Related: Hims stock price reacts strongly to crucial FDA review
