Cantor Fitzgerald Reiterates Hold, $29 PT on Centene Amid Challenges
Cantor Fitzgerald reiterates its Hold rating and $29 price target on Centene (NYSE: CNC) on lack of visibility amid challenges emanating from the company's recent earnings shortfall.
Cantor Fitzgerald comments, "Centene used today's Investor Day to add detail regarding Monday's announcement of a big earnings shortfall and to lay out its action plan. Significant steps are being taking at each of the company's affected businesses, and it is reviewing Celtic, but while it appears confident that these problems will be resolved, the path is neither simple nor obviously developed according to a specific timeline. We like the detailed analysis of the problem and the plan, but prefer to at least wait for the 2Q:12 earnings call (and an update) before stepping up to the stock."
CNC closed at $28.20 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.