Bank of America cuts Hims & Hers target to $30 from $32, keeps Neutral

Bank of America lowered its price target on Hims & Hers to $30 from $32 and kept a Neutral rating. It called the first quarter a mixed result and said the bar needs to come down before the stock can work again. It also said near-term Street estimates are too high.

• Price target $30, down from $32; rating Neutral, unchanged.
• Q1 revenue of $608.1 million came in below the $616.85 million consensus; diluted EPS of -$0.40 against an expected $0.03.
• Gross margin fell to 65% from 73%; the company booked $33.5 million of restructuring charges.