Deutsche Bank analysts provided their views on Teladoc Health, Inc. (NYSE:TDOC), lowering their price target to $31 from $34 while reiterating their Hold rating.

The company’s shares are down around 70% year-to-date and about 90% from their peak during the pandemic, despite continued business growth. According to the analysts, the company’s business matured rapidly during the pandemic, but as Covid has subsided the business has slowed faster than many expected and spending continues to overshoot profits.