UPDATE: Citigroup Downgrades Centene to Neutral on Limited Upside Potential

Citigroup downgraded Centene CNC from Buy to Neutral and maintained its $45 price target. Citigroup noted, "After a 6% move on Tuesday, and with the stock up 75% from its June low, we're taking a step back on Centene. Even with $15 billion in revenue (that's a 50% increase relative to projected 2013 revenue of $10 billion), and a 1.5% net margin, Centene would earn around $4/share, which at a 12x multiple would value the company at $48, only modestly higher than the current price." Centene closed at $44.99 on Tuesday.