UPDATE: J.P. Morgan Lowers Price Target On Molina Healthcare To $28

According to J.P. Morgan, Molina Healthcare (NYSE: MOH) price target is lowered to $28.

J.P. Morgan said that Molina held an investor day, reiterating its 2011 earnings view (while passing on a review of the high-level '12 objectives outlined in January), providing an update on recent utilization trends (these still trending down), rate outlook (it's challenging, but seemingly incorporated in the outlook) and the RFP pipeline (of course, it's large).”

Molina Healthcare closed yesterday at $16.82.