Teladoc price target lowered to $9 from $16 at JPMorgan

JPMorgan lowered the firm’s price target on Teladoc to $9 from $16 and keeps a Neutral rating on the shares. The analyst reduced estimates following Teladoc’s Q2 report to reflect the continued headwinds afflicting BetterHelp. The firm reduced its fiscal 2024 revenue estimate to $2.54B from $2.66B citing persistent uncertainty around BetterHelp, driven by lower yield on marketing spend. While the stock’s current valuation reflects much of the uncertainty around BetterHelp, JPMorgan acknowledges that the current lack of visibility creates a near-term overhang on Teladoc, the analyst tells investors in a research note.