UPDATE: Baird Downgrades TalkSpace (TALK) to Neutral
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Baird analyst Vikram Kesavabhotla downgraded TalkSpace (NASDAQ: TALK) from Outperform to Neutral with a price target of $3.00 (from $10.00).
The analyst comments "Downgrade to Neutral. The quarter was disappointing, but almost did not matter in comparison to the broader dynamics — including management turnover and pulling FY/long-term guidance. We underappreciated how quickly execution challenges and the macro/competitive environment could impact TALK. We still think there is underlying value here, but with the magnitude of uncertainty going forward with respect to estimates, the broader strategy, and management change, we find it difficult to continue recommending this name with conviction."
Shares of TalkSpace closed at $3.39 yesterday.
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