Teladoc (NYSE:TDOC) stock is on the move Thursday after getting an upgrade from SVB Securities.
That upgrade has SVB Securities analysts boosting TDOC stock from a “market perform” rating to an “outperform” rating. To put that in perspective, the consensus rating for TDOC stock is “hold.” That comes from 26 analysts’ opinions on the stock.
Investors will note SVB Securities maintains its price target of $34 per share for TDOC stock. That represents a potential 15.5% upside for the stock compared to yesterday’s closing price. Also, the analysts’ consensus price target for the shares is $46 each.
What’s Behind The TDOC Stock Upgrade?
Here’s what SVB Securities analysts said in a letter to clients today, as reported by CNBC:
“Upgrade to OP as bear thesis fully reflected in shares, forward arc looks achievable. We are upgrading TDOC from MP to OP, and fully acknowledge that the call will be met with a high level of pushback given the quarter’s miss in both FY23 and 1Q23 guidance.”
It’s worth noting TDOC stock is seeing heavy trading today following its poor earnings report. This has more than 5 million shares on the move as of this writing. For the record, the company’s daily average trading volume is closer to 4.3 million shares.
TDOC stock is down 11.2% as of Thursday morning.
Investors can find more of the latest stock market news below!
We’ve got all of the hottest stock coverage that traders need to know about on Thursday! That includes why shares of General Electric (NYSE:GE), Bath & Body Works (NYSE:BBWI) and Genprex (NASDAQ:GNPX) stock are in the news today. You can find out more on these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.