UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Centene Corp.
In a report published Monday, Deutsche Bank reiterated its Hold rating on Centene Corp. (NYSE: CNC), but lowered its price target from $40.00 to $38.00.
Deutsche Bank noted, “Centene hosted an analyst meeting to issue 2013 EPS guidance and in conjunction slashed its 2012 EPS view by ~77%. The latest guidance reduction capped off a brutal year for the company from an earnings perspective as CNC cut EPS guidance on three separate occasions by a cumulative amount of 94%. Despite the severe earnings shortfalls in 2012, the stock is still up slightly for the year suggesting investors retain hope for margin stabilization in 2013. We maintain our Hold rating on CNC shares.”
Centene Corp. closed on Friday at $40.72.
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