Hims & Hers Health's (HIMS) Q4 revenue is likely to be as high as $50 million above consensus estimates, Truist Securities said in a report Friday.
The note said Q4 revenue will likely represent a $20 million to $50 million beat relative to the company's guidance.
The solid beat and raise may keep the company's new investor base interested, but the shares "at these valuations seem very disconnected from fundamentals," Truist said.
The investment firm also said that the main focus of investors will be on the company's 2025 guidance where the "bar is clearly very high." Truist said its views on the company's 2025 guidance range to be disclosed next week are "still below the bullish view supporting current valuations."
Truist analysts also said they believe Hims & Hers should get the "benefit of the doubt given its historically conservative approach to guidance and a view that the company could continue to post 'beat and raise' quarters as the year progresses."
Truist has a hold rating on Hims & Hers and $24 price target.
Hims & Hers is expected to report Q4 results on Monday.
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