Teladoc (TDOC) PT Raised to $255 at Canaccord Genuity As 2Q has Outperformed on Every Level

Canaccord Genuity analyst Richard Close raised the price target on Teladoc (NYSE: TDOC) to $255.00 (from $195.00) while maintaining a Buy rating citing 2Q20 outperformance on all levels, organic growth remaining robust, bookings ahead of targets, and InTouch performance.

The analyst stated "We reiterate our BUY rating and raise our PT to $255. Not surprising, TDOC posted stellar 2Q results, topping our estimates. Guidance was raised based on continued strong organic growth in the current COVID environment and folding in the InTouch acquisition. Accelerated adoption by providers and utilization by consumers is likely to remain robust and expected to drive notable revenue and adj-EBITDA growth going forward, with upside potential. Given the company's market leading role in the rapidly expanding virtual care market, we remain buyers of the stock."

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