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UPDATE: Wedbush Reduces PT to $56 on Centene on Industry-Wide Earnings, Growth Volatility

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Benzinga's Top Upgrades, Downgrades For May 22, 2017
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Wedbush reiterates its Outperform rating on Centene (NYSE: CNC) and reduces its price target from $52 to $36.

Wedbush comments, "We believe dual, ABD, and LTC contracts will be profitable in Y2 and beyond; reiterate OUTPERFORM, but now see higher risk for margin volatility in Y1 - as such, we are lowering our Medicaid multiple to 11.7x from 17.2x and our price target to $36. We still see significant top-line growth potential over the next few years as over $300B in contracts are awarded."

CNC closed at $26.84 on Thursday.

Latest Ratings for CNC

DateFirmActionFromTo
May 2017JP MorganDowngradesOverweightNeutral
Apr 2017Deutsche BankInitiates Coverage OnBuy
Jan 2017PiperJaffrayInitiates Coverage OnOverweight

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