Needham starts with 'buy' and $24 target, "betting on the brand"
Says "HIMS is more than just a GLP-1 growth story"
Says HIMS is growing 40+% at over $1 bln in rev even without GLP-1
Sees growth runway via personalized products and expansion across sexual health, dermatology and mental health
Notes stock's higher volatility related to launch in compounded GLP-1 space, but expects that to have more positive than negative impact on HIMS fundamental profile