Yes!
But most people confuse individualism with subjectivism, which is really a kind of anti-individualism. Hedonism, for example, is a subjectivist philosophy. Objectivism is radically anti-hedonism.
Hank
If we accept this claim, then it means Rand's basis for objectivism is false.
Consider:
Rand claims that Man every man is an end in himself, not the means to the ends of others. He must exist for his own sake, neither sacrificing himself to others nor sacrificing others to himself. The pursuit of his own rational self-interest and of his own happiness is the highest moral purpose of his life.
Now, suppose I consider hedonism to be in my own self interest, that my self-indulgence does make me happy, and that I suffer no ill-consequence from my hedonism. (One might consider Hugh Hefner as the poster boy for this point of view.)
If Rand were to state that this was, nevertheless, a Bad Thing, then she would have to base her claim on something other than individual self-interest and individual happiness. I would no longer be an "end in myself;" rather, I would be subject to some moral code other than my own self-interest.
Which contradicts Rand's original claim.