Market Overview

UPDATE: Deutsche Bank Reiterates Magellan Health Services at Buy Following Contract Loss

Share:

Deutsche Bank reiterated Magellan Health Services (NASDAQ: MGLN) at Buy with a $61 price target.

Deutsche Bank noted, "MGLN disclosed in an 8-K today that a large Commercial health plan customer has notified the company that it will not renew its existing contract beyond the current term, which expires on December 31, 2013. The contract generated $144.5 mln in revenue through the first three quarters of 2012. Since the contract runs through the end of 2013, MGLN made no changes to 2013 guidance. We are removing this contract from our model and as a result trim our revenue and EPS estimates for 2014. We continue to forecast double-digit EPS growth in 2014."

Magellan Health closed at $51.75 on Friday.

Latest Ratings for MGLN

DateFirmActionFromTo
Feb 2019Initiates Coverage OnBuy
Jan 2019Initiates Coverage OnEqual-Weight
Nov 2018DowngradesOutperformMarket Perform

View More Analyst Ratings for MGLN
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Reiteration Intraday Update Analyst Ratings

 

Related Articles (MGLN)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
ELMDDougherty & Co.Initiates Coverage On12.0
MRNSCantor FitzgeraldAssumes7.0
MNRLCapital One FinancialInitiates Coverage On23.0
SONVertical GroupUpgrades
UNPMorgan StanleyMaintains136.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

EUR/USD – Over the Cliff We Go?

Mid-Day Market Update: Political Indecision Looms, Yet Markets Rise