Citi Maintains a 'Sell' Rating on HealthNet (HNT) After Attending Annual Investor Day
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Citi maintains a 'Sell' rating on HealthNet (NYSE: HNT). Price target $8.
Citi analyst says, "We maintain our Sell, Speculative risk rating on HNT. Our 2009E EPS $1.00 is below cons/guidance of $2.05/$2.25-$2.40 following the annual investor day that showcased yet another new management team and some positive changes that may be too little too late considering the enormous industry challenges and political risks, mitigating appetite for by others for an acquisition at a time when
HNT seems (finally) realistic in its approach to a sale. The company seems focused on selling its Northeast & AZ Businesses for at least $550mn-$600mn cash pre & post tax (tax basis is about $600mn), leaving HNT a leaner California-Oregon co."
Health Net, Inc. (Health Net) is an integrated managed care organization that delivers managed healthcare services through health plans and government-sponsored, managed-care plans.
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