Prognosis Unclear

研报英文原文证据摘录

Prognosis Unclear

May 12, 2026

VALUATION METHODOLOGY

We assign 14X 2027E EBITDA of $441MM to reach our price target of $24.

RISKS

1) HIMS operates in a highly competitive and fragmented telehealth landscape characterized by low switching costs and aggressive

customer acquisition behavior. Competition from both digital-native peers and large incumbents, including Amazon, could pressure

pricing and marketing efficiency over time. Competitive moats around HIMS’ business are not deep. 2) Regulatory risk remains

the most significant uncertainty, particularly related to the use of compounded medications. Increased enforcement or changes in

FDA guidance could limit product availability or force transitions to lower-margin branded offerings. 3) While diversification is

improving, revenue concentration in weight loss and other high-profile categories exposes HIMS to shifts in consumer sentiment,

reimbursement dynamics, clinical trends, or adverse publicity, which could result in growth volatility. 4) HIMS is in the midst of an

investment cycle, with creates uncertainty over future Marketing leverage.

COMPANIES UNDER COVERAGE BY AUTHOR

Price Evercore ISI

Symbol Company Rating (2026-12-05) Target

ABNB Airbnb, Inc. Outperform $137.05 $155.00

AMZN Amazon.com, Inc. Outperform $268.99 $315.00

BKNG Booking Holdings Inc. Outperform $157.80 $245.00

CHWY Chewy, Inc. Outperform $22.49 $40.00

CHYM Chime Financial, Inc. Outperform $18.23 $35.00

DASH DoorDash, Inc Outperform $157.33 $300.00

DUOL Duolingo, Inc. In Line $105.15 $97.00

EBAY eBay Inc. In Line $108.13 $96.00

EXPE Expedia Group Outperform $221.46 $350.00

GOOGL Alphabet, Inc. Outperform $388.64 $420.00

GRAB Grab Holdings, Inc. Outperform $3.65 $8.00

HIMS Hims & Hers Health, Inc. In Line $29.14 $24.00

IBTA Ibotta, Inc.