After Cowen & Co. and J.P. Morgan gave Teladoc (NYSE: TDOC) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Mohan Naidu maintained a Buy rating on Teladoc today and set a price target of $84. The company’s shares closed yesterday at $55.93.
Naidu said:
“On Friday, CMS finalized the guidelines for Telehealth services for Medicare Advantage members, which significantly expands TDOC’s market opportunity. Starting 2020, MA enrollees can access and receive Telehealth benefits from virtually anywhere without needing to be at a healthcare facility. With more than 22M members in Medicare Advantage plans, and the tailwind of a growing Medicare- eligible population, we believe this significantly expands TDOC’s market opportunity. With established payor relationships, CMS’s ruling could be a big driver for expanding access to these members. Additionally, potential expansion in the UNH relationship could be a driver to add more lives to the platform. Reiterate Outperform and $84PT.”
According to TipRanks.com, Naidu is a 5-star analyst with an average return of 9.4% and a 52.7% success rate. Naidu covers the Services sector, focusing on stocks such as Tivity Health Inc, Hms Holdings Corp, and Evolent Health.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Teladoc with a $83.64 average price target, representing a 49.5% upside. In a report issued on March 28, J.P. Morgan also maintained a Buy rating on the stock with a $80 price target.
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Based on Teladoc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $24.88 million. In comparison, last year the company had a GAAP net loss of $23.86 million.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock.
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Teladoc Health, Inc. engages in the provision of telehealthcare services using a technology platform via mobile devices, the Internet, video and phone. Its portfolio of services and solutions covers medical subspecialties from non-urgent, episodic needs like flu and upper respiratory infections, to chronic, complicated medical conditions like cancer and congestive heart failure. The company was founded on June 13, 2002 by George Byron Brooks and is headquartered in Purchase, NY.
