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In a report published Tuesday, Jefferies analyst David Styblo initiated coverage on Magellan Health Services (NASDAQ: MGLN) with a Hold rating and $56.00 price target.
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In the report, Jefferies noted, “MGLN's new CEO has outlined two new growth initiatives to drive LT growth: Complete Care and Pharmacy Solutions. While we estimate top-line could double by 2018, we believe it will be slow to develop. Meanwhile, 2014 EPS will likely be down and MGLN faces multi-year margin pressure. However, MGLN's cash stockpile/repurchases provide downside protection. With the stock near its high, we initiate with a Hold and $56 PT.”
Magellan Health Services closed on Monday at $54.82.