Cowen analyst Charles Rhyee reiterated an Outperform rating on Teladoc (NYSE: TDOC) and lifted his price target to $39.00 (from $38.00) following solid Q3 results.

Rhyee commented, "TDOC posted a solid beat in 3Q, with revenue up 83% y/y and ahead of consensus and membership up 56% y/y to 12.6M members. Mgmt also raised full-year revenue guidance to $75.5-76.5M from $73-75M. While not giving 2016 guidance, mgmt noted it has had 99% client retention and said it has 85% visibility into 2016 consensus revenue of $117.6, which is the same % it had at this time last yr."

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Shares of Teladoc closed at $19.59 yesterday.