Microsoft coverage assumption, Teladoc downgrade among top calls on Wall Street

Chewy coverage initiation and MGM Resorts upgrade also among notable calls
Check out today’s top analyst calls from around Wall Street, compiled by The Fly.

ANOTHER ‘SOLID’ BEAT: RBC Capital analyst Rishi Jaluria assumed coverage of Microsoft (MSFT) with an Outperform rating with a price target of $360, up from $290. The analyst stated that the company’s fourth quarter saw another “solid” and “broad-based” earnings beat, while its management expects to sustain double-digit growth in full year 2022 and to maintain the growth of Azure business in the first quarter. Jaluria added that he remains positive on Microsoft’s ability to capitalize on its multiple growth drivers.

MOVING TO THE SIDELINES: Deutsche Bank analyst George Hill downgraded Teladoc Health (TDOC) to Hold from Buy with a price target of $153, down from $225, following second quarter results. Membership growth was up only 1% year-over-year as the company was in execution mode around service delivery and total visits were up 27.5%, Hill told investors in a research note. The analyst argued that despite Teladoc’s continued progress against its growth objectives, the post-earnings stock selloff leads him to believe “there is little the company can do in the near term to meet lofty investor expectations.” Teladoc’s business and its shares “could be at an inflection point” as new large logo clients that move the needle will be harder to find and utilization growth is unlikely to match the expansion of 2020 and 2021, Hill contended.
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