UPDATE: Jefferies Initiates Buy, $60 on Centene

Jefferies initiates Centene CNC with a Buy rating and a $60 price target to reflect the company's high Medicaid RFP winning rate. Jefferies says, "CNC has won more Medicaid RFPs than any of its peers and is poised for 40%+ revenue growth this year. Our detailed analysis shows CNC's footprint positions it to win more RFPs, and can capture its fair share of the Dual Eligibles and Medicaid expansion (if that comes)." CNC closed at $47.73 a share on Thursday.