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Bank of America Reiterates Buy, $39 PT on Coventry Health on Repurchase Authorization

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Bank of America maintains its Buy rating and $39 price target on Coventry Health Care, Inc. (NYSE: CVH) as the company significantly raised its share repurchase authorization on Saturday.

BofA notes, “CVH announced that its Board has increased its share repurchase authorization by 14.4m shares (10% of shares). Combined with the share repurchase authorization remaining as of September 30, CVH now has authorization to repurchase close to 14% of its shares. Importantly, our estimates only assume that CVH repurchases less than 1% of its shares through the end of 2012. … Every $100m of share repurchase adds $0.08 to EPS (2.5% of 2012E) at the current stock price.”

CVH closed at $30.08 per share on Friday, down 0.07 percent.

Posted-In: Bank of AmericaAnalyst Color News Reiteration Buybacks Analyst Ratings

 

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