UPDATE: Credit Suisse Reinstates WellPoint with Neutral Rating, $65 PT

In a report published Wednesday, Credit Suisse Group reinstated coverage on WellPoint

with a Neutral rating and $65.00 price target. Credit Suisse noted, “WLP is one of the largest managed care companies in the U.S., and recently enhanced its diversification through its acquisition of Amerigroup. We believe the Blue Cross Blue Shield brand differentiates the company from peers, and positions the company well to capitalize on exchanges over time. However, the overhang and uncertainty of reform, particularly in 2014, when the company will have to defend its current individual and small group (ISG) business and potentially face margin pressure, keeps us on the sidelines.” WellPoint closed on Monday at $60.92.