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In a report published Monday, Wedbush analyst Sarah James downgraded Universal American (NYSE: UAM) from Outperform to Neutral, and lowered the price target from $11.00 to $10.00.
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In the report, Wedbush noted, “We are downgrading UAM to NEUTRAL from OUTPERFORM; while we continue to believe UAM's exposure to Medicare will generate meaningful long term growth we are less optimistic on UAM's potential to outgrow peers in 2014 and 2015. We're lowering 2013E to $0.31 from $0.67 on higher MLR (medical loss ratio) assumptions, lowering 2014E to $0.40 from $0.84 on lower enrollment and higher SG&A assumptions, and initiating a 2015E of $0.57 vs. consensus $0.74 which assumes 11% MA (Medicare Advantage) member growth.”
Universal American closed on Friday at $9.82.