UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Molina Healthcare on Increased Earnings Outlook
In a report published Monday, Jefferies reiterated its Hold rating on Molina Healthcare (NYSE: MOH), and raised its price target from $24.00 to $31.00.
Jefferies noted, “We are raising our price target to $31 and increasing our earnings outlook to reflect 1) the progress MOH has made on its problem areas; 2) favorable rate increases; and 3) better visibility into 2013 now that the company has provided EPS guidance. Friday's 10% surge (S&P 500 up 0.6%) was driven by the aforementioned, but the favorable NM RFP announcement late Friday afternoon also likely helped to provide support.”
Molina Healthcare closed on Friday at $31.88.
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