Teladoc price target lowered to $22 from $24 at BofA

BofA analyst Allen Lutz lowered the firm’s price target on Teladoc to $22 from $24 and keeps a Neutral rating on the shares. The firm, which is adjusting estimates following Q3 results, thinks concern that BetterHelp’s business is at risk from the expansion of in-network coverage for virtual therapy is likely to take Teladoc revenue growth expectations lower in the near-term. However, the firm contends that “Teladoc is the most scaled asset in healthcare technology” and keeps a Neutral rating as it awaits more datapoints on the evolution of the cost structure and BetterHelp’s growth.