Stock market today: Live updates

Citi sees shares of Hims & Hers slipping in the future as the GLP-1 revenue stream grows more constrained.

The bank downgraded shares of the telehealth company to a sell rating from neutral. However, the firm lifted its target price to $25 from $24, implying an approximate 3% decline from the stock’s Thursday closing price of $25.73.

Shares of Hims & Hers have added 6% in 2025 following a stunning 172% surge last year.

Citi analyst Daniel Grosslight wrote that the market is overvaluing the company’s GLP-1 revenue stream, especially as semaglutide is likely to follow tirzepatide’s removal off the FDA’s shortage list.

“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,” the analyst said. “As such, our GLP-1 revenue falls from $400M in FY25 to $135M.”

Grosslight added that the company still has a smart personalization strategy, which is enough to offset some of these headwinds.

— Lisa Kailai Han

A key catalyst for Gilead Sciences comes as the company makes progress with its next-generation HIV treatment strategy, according to Morgan Stanley.

The bank upgraded the pharmaceuticals stock to an overweight rating from equal weight. Analyst Terence Flynn accompanied the move by hiking his $87 price target to $113.

Shares of Gilead Sciences are trading nearly 4% lower on the year after rising 14% in 2024. Flynn’s updated price forecast is approximately 27% higher than where shares closed on Thursday.

“We acknowledge the stock is trading off the lows following positive pipeline developments for Lenacapavir in HIV prevention and anito-cel in multiple myeloma, but we see the potential for upward estimate revisions and further multiple expansion,” Flynn wrote.

The analyst added that risks for Gilead Sciences could be posed by any potential policy changes to the Medicaid budge that might impact HIV therapies.

— Lisa Kailai Han

Delta Air Lines shares were up more than 2% in the premarket after the airline reported better-than-expected fourth-quarter results.

The company earned $1.85 per share, excluding items, on $14.44 billion in revenue. Analysts polled by LSEG expected a profit of $1.75 per share on revenue of $14.18 billion.

All eyes are on the nonfarm payrolls report for December, due on Friday morning.

The data has taken on a new sense of importance as the Federal Reserve’s path on this year’s rate cuts has grown uncertain. Fed funds futures trading suggests a high likelihood that central bank policymakers will stand pat on rates at their meeting later this month.

Economists polled by Dow Jones expect that payrolls grew by 155,000 last month, cooler when compared to November’s gain of 227,000. They see the unemployment rate holding steady at 4.2%.

Economists also forecast average hourly wages to have grown by 0.3% on a monthly basis and to have risen 4% from 12 months earlier.

Read more from CNBC’s Jeff Cox on what’s expected in the new report.

—Darla Mercado