Teladoc Health (NYSE: TDOC)

In early 2021, Teladoc Health was a pandemic darling and TDOC stock was pushing $300. Now, analysts are predicting almost no upside for Teladoc shares. So, what changed?

A whole lot changed, actually. Vaccines were approved and distributed to the public, and COVID-19 lockdowns were lifted. Consequently, patients felt confident to visit their doctors in person. Many of them had probably been waiting a while to do that since some things just can’t be done virtually.

Also, it is surely not a coincidence that TDOC stock peaked during the height of the meme-stock hype. It’s difficult to prove this, but it’s entirely possible that Reddit traders helped push the Teladoc share price to its early-2021 apex.

In other words, the stock price never should have gone that high in the first place. By the beginning of 2022, TDOC stock traded near $95, and is now down 68% year-to-date. Is a full recovery in the cards for Teladoc stock, though?

TDOC is a great rebound pick because Teladoc is improving in many respects. For example, Teladoc’s paid U.S. member count increased sequentially in each quarter, from Q4 2021 through Q3 2022. The company’s average U.S. revenue per member also increased consistently during that time frame, and so did Teladoc’s total quarterly revenue.

Also, Teladoc’s third-quarter 2022 results indicated year-over-year improvement in key areas. The company’s revenue grew 17% to $611 million, beating Wall Street’s forecast of $608.9 million. Plus, Teladoc’s Q3 2022 net earnings loss of $73.5 million, while certainly not an ideal result, was better than the year-earlier quarter’s net loss of $84.3 million. Hence, this telemedicine specialist is closing the profitability gap and, hopefully, regaining its footing in a post-pandemic world.

What is the Forecast for TDOC Stock?

TDOC has a Hold consensus rating based on five Buys, 15 Holds, and zero Sells assigned in the past three months. The average TDOC stock price target of $34.31 implies 19.17% upside potential.