Wells Fargo analyst Stephen Baxter lowered the firm’s price target on Teladoc to $23 from $28 and keeps an Equal Weight rating on the shares. Revenue growth decelerating to "high single-digits" suggests a new normal for revenue pacing and renewed focus on margins, the firm says. Wells also lowered estimates, but still sees EBITDA margins and free cash flow generation improving year-over-year in 2023.
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