Why Teladoc Stock Slumped Today While the Market Soared
Teladoc Health (NYSE: TDOC) stock was looking a bit pale and under the weather at the end of the trading week. The bellwether telehealth company saw its shares slump by nearly 1% on Friday, on an otherwise very bullish day for the stock market that saw the S&P 500 index rise by over 2%. An analyst's price target cut was the action that gave Teladoc its slight fever.
Friday morning, Bank of America Securities' Allen Lutz reduced his price target for Teladoc. It's now $26 per share; previously he had pegged it as being worth $30. He's maintaining his recommendation on the stock, but that's not saying much -- it was and remains neutral.
The reasoning behind Lutz's move wasn't immediately clear, but Teladoc isn't a particularly beloved stock these days.
Source Fool.com
