Berenberg cuts Teladoc PT on souring consumer sentiment, recession fears

New Relic

01/11/2022 13:38

** Berenberg cuts PT for tele-health services provider
Teladoc Health Inc  TDOC.N  to $33 from $35 on weak consumer
sentiments and recession fears amongst business clients
    ** New PT implies an upside of ~11.34% on last close vs old
PT's ~18% upside 
    ** Brokerage maintains "hold" rating on TDOC
    ** Says FY23 results rest on BetterHelp, co's online
counseling platform that has been a major growth driver but is
sensitive to consumer strength and shifts in ad spends
        ** Co is also expected to report softer demand for
another chief product called Chronic Care, amid mounting
economic pressure on clients
  
    ** Says co's management softened outlook for chronic
conditions monitor Chronic Care, likely driven by macroeconomic
pressure on enterprise clients 
    ** However, operational expense control could improve
margin, brokerage adds
    ** TDOC on Wednesday forecast FY22 loss per share in a range
of $61.10 to $61.40, bigger than Refinitiv IBES estimate of
$58.73/shr loss  urn:newsml:reuters.com:*:nL4N31S2IN
    ** 5 of 32 brokerages rate the stock "buy" or higher and 27
"hold"; median PT is $33 - Refinitiv IBES 
    ** YTD, the stock is down ~68%, as of last close
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))