UPDATE: Jefferies Downgrades Amerigroup from Buy to Hold
Jefferies downgrades Amerigroup (NYSE: AGP) from a Buy to a Hold rating and lowers its price target from $95 to $92.
Jefferies comments, “The WellPoint transaction rewards AGP shareholders fairly for very attractive growth opportunities in both Medicaid and Dual Eligible populations. The premium also gives a nod to the strong systems and management team that AGP brings. Our previous $95 PT captured AGP's market share in Medicaid RFPs, the Dual Eligible population, and Medicaid Expansion. We are lowering PT to $92, consistent with WellPoint's offer.”
Amerigroup closed at $89.45 on Tuesday.
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