UPDATE: Credit Suisse Lowers Target on Humana to $93

Credit Suisse maintains its Hold rating on Humana

and lowers its price target to $93 from $96 as the company trims a key Retail segment margin target. Credit Suisse comments, "HUM's 4Q11 report lacked recent upside momentum with revs and EBITDA both falling short of our model. On the positive side, HUM raised both its MA enrollment growth and EPS guidance for 2012. However, HUM maintained Retail segment earnings guidance and trimmed the Retail pre-tax margin view by 10 bps to 5.3-5.5%, citing a higher Medicare operating cost ratio. Maintain HOLD rating with solid MA growth offset by premium valuation." HUM closed at $85.25 a share on Monday.