Teladoc (TDOC) PT Raised to $68 at Oppenheimer

Oppenheimer raised its price target on Teladoc (NYSE: TDOC) to $68.00 (from $59.00) while maintaining a Outperform rating.

Analyst Mohan Naidu commented, "Teladoc Health (as the company has renamed itself) beat our and consensus expectations for revenues and EBITDA at $95M/$2.7M in 2Q18 vs. consensus of $92M/$2M and delivered a strong visit volume at 533K. Excluding Advance Medical contribution, we believe the visit volume would be at the mid-point of the guidance. Changes in the Tricare rollout plan impacted the membership expectation for the quarter. While the company's competitive position continues to be strong, the favorable regulatory changes in Medicare create a new source of growth for the telehealth market and TDOC. We believe TDOC's full scope of telehealth offerings from core medical services to specialty virtual care and increasing global footprint will continue to position TDOC well. Remain Outperform, raising target to $68."

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