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UPDATE: Bank of America Upgrades Centene to Buy on Health Care Reform Tailwinds

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Centene Q1 Earnings Top Views

Bank of America raised its rating on Centene (NYSE: CNC) from Underperform to Buy and raised its price objective from $39 to $46.

Bank of America commented, "We are upgrading CNC shares to Buy (from Underperform) with a view that companies with Medicaid exposure should benefit from coverage expansions outlined in health care reform legislation. Specifically, the market is likely to refocus on revenue growth driven by states transitioning existing beneficiaries to HMOs (from unmanaged fee for service), dual eligible demonstrations and program enrollment that could increase 20% starting in 2014 as projected by the CBO. We are raising our P.O. to $46 (from $39) on P/E multiple expansion."

Centene Corporation closed at $39.87 on Tuesday.

Latest Ratings for CNC

DateFirmActionFromTo
Apr 2015Cantor FitzgeraldMaintainsBuy
Apr 2015JefferiesMaintainsHold
Apr 2015OppenheimerMaintainsOutperform

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Posted-In: Bank of AmericaAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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