Evercore ISI has reduced its price target for Hims & Hers Health (NYSE:HIMS) to $24 from $33 and retained an In Line rating on the stock. The firm pointed to diminished target multiples following the company’s fourth-quarter results as the basis for the revision.
Hims & Hers' share price is trading around $15.51, near its 52-week low of $15.15, and remains roughly 78% below its 52-week high of $70.43. An InvestingPro analysis included in the public data shows a Fair Value estimate of $17.53, suggesting the shares may be undervalued at current levels.
The company’s fourth-quarter financials revealed revenue of $618 million, a 28% increase from the prior year, which Evercore described as roughly in line with Street expectations. Reported EBITDA for the quarter was $67 million, with an 11% margin, a result that exceeded analysts’ estimates.
Despite those headline results, Hims & Hers issued guidance for the first quarter and for full-year 2026 that prompted caution. First-quarter revenue and EBITDA guidance landed below consensus, and at the high end implies a material slowdown in revenue growth to about 7% year-over-year. The guidance also signals margin compression as the company pushes investments across its business.
Revenue growth decelerated sequentially, from 49% year-over-year in the third quarter to 28% in the fourth quarter, while EBITDA margin was essentially flat year-over-year. The firm’s full-year 2026 guidance brackets Street estimates but requires a notable reacceleration in underlying performance and anticipates revenue contributions from the recently announced Eucalyptus acquisition.
Evercore ISI additionally highlighted elevated regulatory and competitive risk within the weight loss category and flagged increased execution challenges tied to the company’s planned $1.15 billion acquisition of Eucalyptus. The research note described an investment cycle related to the acquisition that will extend through 2026.
Market commentary also referenced investor-focused tools: InvestingPro Tips show the stock in oversold territory and note that the shares have fallen materially over the past year, with 16 additional exclusive tips available to subscribers.
Separately, Hims & Hers reported fourth-quarter 2025 EPS of $0.08, beating the forecasted $0.05 and representing a 60% positive surprise versus expectations. Revenue in the quarter was $617.8 million, marginally below the anticipated $618.73 million.
Bank of America Securities recently adjusted its own view on the company, lowering its price target to $12.50 from $13.00 while maintaining an Underperform rating. BofA cited concerns that revenue and subscriber figures fell short of expectations.
Analysts have also pointed out that the company's 2026 revenue growth guidance assumes additional revenue of $350 million to $550 million, excluding any contribution from Eucalyptus. Taken together, these updates sketch a financial and operational landscape where past outperformance on EBITDA contrasts with a decelerating top-line trend and near-term integration and investment headwinds.