Hims & Hers Health Inc. (HIMS) stock is soaring 5.01% in pre-market trading, rebounding from an earlier decline following the company's Q1 earnings report. The telehealth firm's shares initially fell due to a conservative Q2 revenue forecast, but have since reversed course as multiple analysts raised their price targets.

The company reported Q1 revenue of $586.0 million, beating estimates of $538.2 million. However, Hims & Hers provided a Q2 revenue forecast between $530 million and $550 million, below analyst expectations of $564.6 million. The company attributed this to a one-time quarter-over-quarter revenue drop as it transitions subscribers from commercially available dosages of Novo Nordisk's semaglutide to options on its own or other platforms.

Despite the conservative outlook, several analysts have expressed optimism about the company's prospects. Citigroup raised its target price to $30 from $25, Leerink Partners increased its target to $42 from $40, and TD Cowen lifted its target to $38 from $30. The positive sentiment from analysts, combined with the company's strong Q1 performance and reaffirmed full-year revenue forecast of $2.3 billion to $2.4 billion, appears to be driving the stock's surge in pre-market trading.