Jefferies Downgrades Anthem (ANTM) to Hold
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Jefferies downgraded Anthem (NYSE: ANTM) from Buy to Hold with a price target of $138.00.
Analsyt David Windley commented, "We modestly lower 2017E EPS, which is now 6% below consensus and reduce our price target to $138. While the stock is the least expensive in the group, we are concerned this year's significant SG&A were too deep. We believe 2017 EPS growth is limited by restoration of half of those cuts. The belt-tightening also potentially signals under-investment in the platform. Additionally, we note 1) Exchange exposure is highest in the group and is likely to create noise; and 2) while MA growth should resume in 2017, its overall impact to ANTM is small (contributes < 10% of revenue)."
Shares of Anthem closed at $128.58 yesterday.
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