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FSH which interacts with membrane bound receptors does not enter the target cell.
Reason: Binding of FSH to its receptors generates second messenger (cyclic AMP) for its biochemical and physiological responses.
Detailed Solution
FSH is a peptide (lipid-insoluble) hormone, so it cannot pass through the membrane and acts through membrane-bound receptors - the assertion is correct. Binding of such hormones to membrane receptors generates second messengers (cAMP) - the reason is also correct, but it does not explain why FSH does not enter the cell (that is due to its lipid insolubility).