UPDATE: Credit Suisse Raises Target on Humana to $120

Credit Suisse raises its price target by 20 percent to $120 on Outperform-rated Humana

as Medicare Advantage and Dual Eligibility remain favored end markets. Credit Suisse says, "Medicare+MedSupp is a $600bn+/yr end-market only about 27% penetrated by MA. We see continued organic growth in MA as 3-4mn+ senior "boomers" age-in to Medicare annually over the next 10 yrs. MA 2013E earnings contribution: HUM (63%), HNT (29%), CI (22%), UNH (22%), GTS (19%), CVH (16%), AET (11%), WLP (7%), MOH (6%), and AGP (3%)." HUM closed at $89 a share on Friday.