Barclays analyst Steve Valiquette initiated coverage of Teladoc with an Equal Weight rating and $80 price target. The analyst is positive on the company's fundamentals but believes subscription revenue growth "hurdles may dampen total company growth." Teladoc is a leader in the "fast growing" telehealth space and has delivered 20%-30% organic sales growth over the past few years, Valiquette tells investors in a research note. However, looking to 2021, he believes its membership growth opportunities "may be somewhat limited" after a strong 2019 and that subscription revenue growth will ease to 18%.