UPDATE: BMO Capital Markets Lowers Centene's PT

According to a research report published this morning, BMO Capital Markets has lowered Centene's

PT to $40. In the report, BMO Capital Markets commented, “We are lowering our 2013 EPS estimate to reflect the loss of Ohio Medicaid lives now expected next year. The state announced participants for the new program beginning on January 1, 2013, and Centene was not chosen. Aetna will now participate in the region (new business for AET) and UnitedHealth will maintain its position, indicating that diversified players can pose a threat to new and old business for Medicaid-centric players like Centene. We expect CNC to add new business to help offset the loss of the Ohio program before 2013 even begins, but the state was worth nearly 10% of membership and that could take time (and money) to regain.” BMO Capital Markets maintains its Market Perform rating on Centene, which is currently trading at $41.78.