UPDATE: Citigroup Downgrades Centene to Neutral on Limited Upside Potential
Citigroup downgraded Centene (NYSE: 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.
Latest Ratings for CNC
|Jul 2015||Goldman Sachs||Downgrades||Neutral||Sell|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.