Wells Fargo analyst Jamie Stockton downgraded Teladoc Heath to Equal Weight from Overweight with a $105 price target. The shares closed Tuesday up 73c to $110.43. The analyst cites valuation for the downgrade. The shares have reattained their peak valuation and have equaled the highest premium to software-as-a-service peers in their history, Stockton tells investors in a research note. Over long periods, Teladoc has tended to trade in-line with software-as-a-service, adds the analyst. Stockton, however, says he's a believer in telehealth and that Teladoc "is the tip of the spear for momentum in our Digital Health universe."