UPDATE: Baird Starts TalkSpace (TALK) at Outperform

Baird analyst Vikram Kesavabhotla initiates coverage on TalkSpace (NASDAQ: TALK) at Outperform, PT $10.00.

The analyst comments "We expect TALK to benefit from broader industry tailwinds in mental health, accentuated by its position as a recognized brand with a large provider network and key sponsorships. We appreciate the challenges associated with the competitive environment and achieving scale in this market. However, with TALK trading at a substantial discount to peers and given its unique position as a pure-play virtual mental health solution, we believe there is opportunity for valuation expansion and see a positive risk/reward."

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