Citi Maintains Buy on Centene

Citi is out with its report today on Centene (NYSE: CNC), maintaining Buy.

In its report, Citi writes, "We rate shares of Centene Buy. Medicaid is one of the few areas of enrollment growth left in the managed care industry, increasingly the likelihood that one or more of the larger plans in the industry will look to consolidate the standalone Medicaid plans as a way to either enter the business or increase their Medicaid exposure. Moreover, on a relative basis, Centene looks pretty inexpensive, at least after adjusting for its significant tangible book value. We calculate that tangible book value amounted to over $10.10 per share at the end of the quarter."

Citi maintains a $45 PT on CNC.

Shares of CNC closed Monday at $29.07.