Shares of Hims & Hers Health Inc. (HIMS) are soaring 5.01% in pre-market trading on Tuesday, rebounding from an initial dip following the company's first-quarter earnings report. The telehealth firm's stock is gaining momentum as investors digest strong Q1 results and a wave of analyst price target increases.

Hims & Hers reported Q1 revenue of $586.0 million, significantly beating analyst estimates of $538.2 million. Despite providing a conservative Q2 forecast below expectations, the company reaffirmed its full-year revenue guidance of $2.3 billion to $2.4 billion. The temporary Q2 revenue dip is attributed to the transition of subscribers from commercially available dosages of Novo Nordisk's semaglutide to options on its own or other platforms.

Following the earnings release, several analysts raised their price targets for HIMS. Citigroup increased its target from $25 to $30, Leerink Partners upped its target to $42 from $40, TD Cowen raised its target to $38 from $30, and Needham maintained its target at $61. These upgrades reflect growing confidence in the company's long-term prospects despite near-term challenges. As BTIG noted, the reaffirmed 2025 forecast and new Q2 guidance are likely "conservative," suggesting potential upside for investors.