Teladoc price target lowered to $22 from $33 at DA Davidson

DA Davidson lowered the firm’s price target on Teladoc to $22 from $33 but keeps a Buy rating on the shares. The company’s Q3 results were “mixed” with “fine” core revenue and “good” margins, but its BetterHelp business disappointed and led to a reduction in the full-year and Q4 revenue outlook, the analyst tells investors in a research note. Teladoc is doing a good job of re-orienting towards greater efficiency and is now undertaking a comprehensive operational review to further those efforts, but likely needs to show more stability in its revenue lines to drive investors to become more positive, the firm added.