** ** Shares of Hims & Hers Health fall 3.2% to $24.90 premarket

** Brokerage Citi downgrades stock rating to "sell" from "neutral"

** Citi says the market is over-valuing HIMS' GLP-1 revenue stream as Novo Nordisk's semaglutide could be removed from the FDA's shortage list in the next 12 months

** "If this were to happen, HIMS' weight loss market would be significantly constrained as they would only be able to compound GLP-1s by changing the formulation for the specific clinical benefit of an individual" - Citi

** HIMS sells compounded versions of semaglutide, the active ingredient in weight-loss drug Wegovy made by Novo

** Brokerage now expects HIMS' GLP-1 revenue to be $135 million in FY25 down from its previous estimate of $400 million

** 8 of 16 brokerages rate the stock "buy" or higher, 7 "hold" and 1 "sell" or lower; their median PT is $25.50 - data compiled by LSEG

** Up to last close, stock has nearly tripled in the last 12 months

(Reporting by Christy Santhosh)

((Christy.Santhosh@thomsonreuters.com))