Teladoc price target lowered to $15 from $17 at Wells Fargo

Wells Fargo analyst Stephen Baxter lowered the firm’s price target on Teladoc to $15 from $17 and keeps an Equal Weight rating on the shares. Although the firm thinks low end of 2024 guidance is achievable, it moves its 2024 estimates below guidance midpoint as Wells believes unsteady Betterhelp CAC adds uncertainty to returning to year-over-year growth in the second half of 2024.