Market Overview

UPDATE: Deutsche Bank Reiterates Magellan Health Services at Buy Following Contract Loss

Share:
Related MGLN
KeyBanc Initiates Magellan At Sector Weight
In Wake Of Orlando Shooting, Here Are Some Positive Business Responses

Deutsche Bank reiterated Magellan Health Services (NASDAQ: MGLN) at Buy with a $61 price target.

Deutsche Bank noted, "MGLN disclosed in an 8-K today that a large Commercial health plan customer has notified the company that it will not renew its existing contract beyond the current term, which expires on December 31, 2013. The contract generated $144.5 mln in revenue through the first three quarters of 2012. Since the contract runs through the end of 2013, MGLN made no changes to 2013 guidance. We are removing this contract from our model and as a result trim our revenue and EPS estimates for 2014. We continue to forecast double-digit EPS growth in 2014."

Magellan Health closed at $51.75 on Friday.

Latest Ratings for MGLN

DateFirmActionFromTo
May 2016JefferiesMaintainsBuy
Jan 2016BarclaysDowngradesEqual-weightUnderweight
Jul 2015BarclaysMaintainsEqual-weight

View More Analyst Ratings for MGLN
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Reiteration Intraday Update Analyst Ratings

 

Related Articles (MGLN)

View Comments and Join the Discussion!