UPDATE: Credit Suisse Raises PT on Aetna Following Management Meetings

In a report published Wednesday, Credit Suisse analyst Ralph Giacobbe reiterated a Neutral rating on Aetna AET, and raised the price target from $60.00 to $65.00. In the report, Giacobbe noted, “We recently co-hosted meetings with Aetna mgmt, including CEO Mark Bertolini, CFO Shawn Guertin, SVP National Business Joe Zubretsky and SVP Local & Regional Business Karen Rohan. Discussion focused on the CVH acquisition, healthcare reform, MA, and l-t prospects for the company (we delve into these topics and others in more detail inside this report). We maintain our Neutral rating on the stock as we seek a better entry point, but increase our '13-14 EPS to $5.80 and $6.20, respectively, to reflect updated CVH assumptions post deal close, and raise our TP to $65. Despite closing the deal in just the last week, cost synergy capture is ahead of expectation, and mgmt was optimistic on cross selling opportunities (not included in synergy assumptions) that appear to be taking hold right out of the gate.” Aetna closed on Tuesday at $59.39.