Chardan Capital Markets analyst Steven Wardell raised its price target on Teladoc (NYSE: TDOC) to $28.00 (from $24.00) while maintaining a Buy rating, as the company reported 2016 fourth quarter results above consensus, offering top-line and bottom-line beats.

Wardell comments, "After market close on Wed., TDOC reported earnings with a beat and a mixed guide for 2017. For 4Q16, Teladoc beat the Street consensus by 2% on the topline and by $0.04 on the bottom line. Management guided to topline growth in 2017 of 48%, in-line with Street consensus and re-affirmed its target of being adj. EBITDA breakeven in 4Q17. Management also guided to more EBITDA loss in 2017 than the Street expected in the first 3 quarters driven by various investments in growth. We adjust our estimates down slightly and in-line with Management Guidance for 2017. We raise our PT to $28 based on multiple expansion we see in 2017 as TDOC's operating characteristics improve relative to valuation comps and investor confidence grows in the company's execution."