UPDATE: JP Morgan Raises PT on Centene To $39

JP Morgan has published a research report on Centene Corporation (NYSE:

) after the company reported its 2Q earnings. In the report, JP Morgan writes, "Post the 2Q report, we are updating our earnings outlook. Our 2011E is unchanged at $2.20, as we offset 2Q upside with rate challenges and start-up costs for KY and LA contract awards in the back half of the year." JP Morgan maintains its Neutral rating and has raised the price target from $38 to $39. Centene Corporation closed Friday at $32.81.