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UPDATE: JPMorgan Downgrades Teladoc (TDOC) to Neutral

April 28, 2022 9:48 AM EDT
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Price: $15.10 -1.11%

Rating Summary:
    8 Buy, 26 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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(Updated - April 28, 2022 9:49 AM EDT)

JPMorgan analyst Lisa Gill downgraded Teladoc (NYSE: TDOC) from Overweight to Neutral with a price target of $53.00 (from $125.00).

The analyst comments "We highlight a significant market opportunity for telehealth services, which helps to solve two key issues affecting the U.S. healthcare system: lack of access to care and rising costs. We continue to point to a significant amount of runway in the telehealth market (the pace of virtual care adoption is increasing, driven in part by a growing awareness and consumer preference), and we believe the company is very well positioned as the only comprehensive virtual care delivery solution. That said, we point to challenges in the company’s DTC behavioral health and chronic care businesses, and note that it is unclear when those could be resolved, or the impact on the company's previously-discussed long term revenue growth and margin expansion targets. We expect the stock to be a showme story in the near term. Our Dec 2022 price target of $53 is based on an EV/sales multiple of 3.2x our 2023E revenue estimate of $2.95B. Balanced against current challenges, we highlight TDOC’s sizable TAM with significant runway and opportunities for expansion, coupled with the company’s strong competitive position; accelerating pace of adoption of virtual care; attractive margin profile and strong balance sheet; and growth opportunities across the company’s whole-person integrated care approach."

For an analyst ratings summary and ratings history on Teladoc click here. For more ratings news on Teladoc click here.

Shares of Teladoc closed at $55.99 yesterday.


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