Wedbush Views Centene's (CNC) Trades Off as Buying Opportunity; Reiterates Outperform
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Wedbush reiterated an Outperform rating and $85.00 price target on Centene (NYSE: CNC) as shares traded down 5% following a competitor downgrade. Wedbush sees the sell off as a buying opportunity and believes that there could be a near term positive catalyst from the resolution of CA PPO price increases and benefit design changes.
Analyst Sarah James commented, "We view the sell off as overdone and believe the stock is likely to recover as management is in front of investors at conferences this week. CNC traded down 5% v. SPX +0.3% following a competitor downgrade. We disagree with key points in the rational and view the sell-off as a buying opportunity for a high quality growth stock."
Shares of Centene closed at $65.30 yesterday.
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