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Jefferies reiterates its Hold rating and $29 target price on Health Net
HNT as the company sells PDP business for seemingly low price.
Jefferies says, "HNT's sale of its Medicare PDP business (4% of revenue) to CVS Caremark is on the low end of other recent industry transactions. PDP
was a source of earnings headwind in 2011, as sanctions caused about a 12% membership decline and MLRs were higher than expected. Nonetheless, PDP seemed ready to rebound in 2012, and we question whether HNT is getting enough consideration."
HNT closed at $32.78 per share on Monday.
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