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Teladoc gains after DA Davidson tips Q3 earnings beat, long-term potential

September 22, 2020

DA Davidson starts off coverage on Teladoc (NYSE:TDOC) with a Buy rating as it points to the rapid rate of growth for the company and notes its expanding markets due to the pandemic.

“This is a pure play software company directly benefiting from COVID-19. As a result the company is growing over 60% organically, and the additions of acquisitions have further expanded markets and provided leverage to popular direct to consumer markets. Lastly, relatively conservative guidance for 3Q20 (Sept) sets the company up for a likely beat.”

DA Davidson’s price target of $250 on TDOC reps more than 20% upside and is above the average Wall Street price target of $239.90.

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