Teladoc initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Teladoc with an Overweight rating and $22 price target. The firm believes current valuations do not appreciate the company’s unique positioning among peers as having high free cash flow yield, margin expansion, and multiple drivers of further top-line growth, the analyst tells investors in a research note. Cantor has incremental confidence in Teladoc hitting long-term growth expectations, and finds the savings assumptions to be reasonable and the moving pieces to be well underway.