UPDATE: Jefferies Initiates Buy, $100 Pt on Amerigroup

Jefferies initiates its coverage on Amerigroup

with a Buy rating and a price target of $100 as it sees the company to be best positioned for the secular Medicaid RFP pipeline. Jefferies says, "Our granular analysis shows AGP benefiting more than peers from the robust Medicaid RFP pipeline, Dual Eligibles, and 2014 Medicaid expansion (if that comes). These secular tailwinds are qualitatively known, but our deep dive quantifies the EPS impact in additional detail. AGP deserves more credit." AGP closed at $66.98 a share on Thursday.