Teladoc (TDOC) and Amazon (AMZN) have joined forces to make basic healthcare more convenient and accessible with a new Alexa-powered telehealth calling feature. The launch of general medical virtual care on echo devices will allow customers in the U.S. to connect with Teladoc care providers 24/7. TDOC shares jumped 7.31% to close at $75.91 on February 28.
Teladoc Health is a telemedicine and virtual healthcare company. It offers telehealth solutions, expert medical services, medical opinions, AI and analytics, and platform and program services. Teladoc’s upcoming earnings report for Q1 2022 is scheduled for May 3, 2022.
Teladoc on Echo Devices
The virtual healthcare service on echo devices will initially launch via audio, with video visits expected soon. The integration will allow customers in the U.S. to connect easily with doctors and access high-quality healthcare services.
By simply saying, “Alexa, I want to talk to a doctor” on a supported Echo device, customers will be connected to a Teladoc call center. In return, users will get a call back from a doctor. Customers who have insurance will not pay anything for the service. However, those without insurance will incur a $75 bill.
Stock Rating
Last week, Robert W. Baird analyst Vikram Kesavabhotla reiterated a Hold rating on Teladoc stock and cut the price target to $72 from $110, implying 5.15% downside potential to current levels. The analyst is wary of the shares experiencing any meaningful upside despite the company delivering solid quarterly results. Until investors gain more confidence on a sustainable path to margin progression and success on primary care initiatives, the stock could remain under pressure, according to the analyst.
Consensus among analysts is a Moderate Buy based on 13 Buys and 9 Holds. The average Teladoc price target of $102.81 implies 35.44% upside potential to current levels.
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