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Fly News Breaks for December 2, 2019
TDOC
Dec 2, 2019 | 07:03 EDT
SunTrust analyst Alexander Draper downgraded Teladoc to Hold from Buy with an unchanged $80 price target. The analyst notes that the stock is up 69% year-to-date and its enterprise value to sales multiple has reached a 9-turn premium to its 5-year historical average. Draper adds that while that valuation is in-line with the similarly growing software companies, he sees "limited opportunities" for continued multiple expansion and believes that the Street consensus is overestimating the revenue tailwinds of "recent wins and macro backdrop".
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