UPDATE: Cantor Fitzgerald Downgrades Molina Healthcare

According to a research report published earlier today, Cantor Fitzgerald has downgraded Molina Healthcare

from Buy to Hold. In the report, Cantor Fitzgerald commented, “Molina's failure to win a role in Ohio's expanded Medicaid program is disappointing, the stock has nearly reached our target price, and we are lowering our rating from BUY to HOLD. The company rolled out new Texas markets on 3/1/12, it recently won new mandates in California and Washington, and the loss of its Ohio business is not effective until 1/1/13, but offsetting the loss of more than 20% of its revenue could be difficult, particularly since new markets are initially less profitable.” Cantor Fitzgerald maintain its $36 PT on Molina Healthcare, which closed Friday at $35.01.