Teladoc gains amid activist/takeover speculation
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Teladoc Health (NYSE:TDOC) rose 1.4% at least partly after an analyst speculated that the telemedicine provider may become a takeover target or may see activist interest with its shares cratering.
Teladoc could potentially be a target for a CVS (CVS) or Walgreens (WBA), especially as the company could be viewed as a "Plan B" for CVS after it reportedly was interested in acquiring One Medical (ONEM), which Amazon agreed to buy for $3.9 billion last week, Gordon Haskett's Don Bilson wrote in a note on Friday. He opined that CVS or Walgreens could be interested in TDOC in the $50/share range.
Bilson also highlighted that Teladoc's (TDOC) board is not staggered and the nomination window opens in January. He also said investors should be on the lookout in the next few weeks to see if any funds purchased TDOC shares after they plunged in April with Q1 results with Q2 13-F filings set to be released.
Teladoc (TDOC) plunged 18% Thursday after the virtual health company released its Q2 2022 earnings and Goldman downgraded the shares to neutral.