Teladoc started at buy at Goldman Sachs on membership, revenue growth

Goldman Sachs has started Teladoc Health (NYSE:TDOC) off at buy saying that the telehealth provider is poised to benefit from revenue and membership growth, particularly starting in 2026.

The firm has a $14 price target (~56% upside based on Nov. 14 close).

Analyst David Roman said that the integrated care business, led by the chronic care segment, should lead to continued membership and revenue growth while a better targeted BetterHealth strategy will lead to growth in 2026.

He added EBITDA should stabilize in 2025 and the company should also see multiple expansion.

Goldman also initiated ratings on two other telehealth stocks, Doximity (DOCS) and HealthEquity (HQY), assigning a neutral rating to both.

On the former, Roman has a $58 price target (~12% upside). He sees Doximity gaining market share to achieve a 9%-10% revenue CAGR from fiscal 2025-fiscal 2028. He is also confident the company will meet its fiscal 2025 guidance as well as revenue outlooks for future years.

For HealthEquity, Roman has a $108 price target (~13% upside). While he sees a clear path to achieving long-term EPS targets, based on current risk/reward, the stock is appropriately valued now. From fiscal 2024-fiscal 2027, he projects sales and EPS CAGR of 13.5% and 28.4%.