Canaccord lowered the firm’s price target on Teladoc to $17 from $25 and keeps a Buy rating on the shares. The firm said unfortunately, considering uncertainty on the duration of elevated CAC and volatility on BH revenue, the company is withdrawing consolidated and BH segment guidance. While disappointing and clouding the outlook, Caaccord believes that management’s focus on profitability and cash flow by deciding to remain disciplined by optimizing the return on ad spend is prudent and positive for investors.
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