Teladoc initiated with a Market Perform at Leerink

Leerink analyst Michael Cherny initiated coverage of Teladoc with a Market Perform rating and $17 price target. The company was, and is, one of the clear beneficiaries of the pandemic, , and post-pandemic, the company is undergoing a transition from a hyper-growth company into a more steady, profitable grower, the analyst tells investors in a research note. The firm agrees with Teladoc’s current strategy, but notes that there are a number of moving parts at this point in the transition, including the slowdown in BetterHelp growth that is creating an overhang.