According to the analysts, the expectations were relatively low coming into the quarter and investors were looking for some revision to guidance, but, unfortunately, the quarter was reported as slightly above consensus with a confirmation of guidance.
Moreover, the results were backed by weak quality and disclosure around pressures in public exchanges. "Were the company to have shown solid results with good quality, that would have been a sign that an investment was clearly safe. Conversely, if results were poor and guidance was formally reduced, that too could have served as a clearing event. Instead, it appears that investors will have to wait longer for more definitive proof on operations trends," wrote Barclays.
Following the Q2 results announcement, the analysts cut their EPS estimates for 2016 and 2017 to $10.80 and $11.70, respectively. The bank reiterated its Equal-Weight rating on the shares and reduced the price target to $151.
At time of writing, Anthem was seen trading at $133.27, down 0.46 percent on the day.
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