Teladoc price target lowered to $30 from $35 at RBC Capital

RBC Capital lowered the firm’s price target on Teladoc to $30 from $35 but keeps an Outperform rating on the shares. The company’s Q3 EBITDA was ahead of the $76.9M Street mean, driven primarily by $4M of performance fees, along with higher chronic care enrollment and strong G&A cost control, the analyst tells investors in a research note. Teladoc’s year-to-date bookings are up slightly, which should support mid-single-digit FY24 sales growth, and it is continuing its focus on better balancing growth vs. margins with the recent launching of a comprehensive operational review, the firm added.