UPDATE: Molina Healthcare (MOH) PT Raised to $311 at Deutsche Bank

Deutsche Bank analyst George Hill raised the price target on Molina Healthcare (NYSE: MOH) to $311.00 (from $308.00) while maintaining a Hold rating.

The analyst comments "Strong Core Performance: Molina reported solid Q4 beat with total revenue of $7.8B (+19.4% yoy) coming in ahead of the Street’s $7.5B driven by strong premium revenue from organic membership growth in both Medicaid and Medicare and acquisition contribution. Full-year consolidated MCR of 87.1% was mostly in line with our expectation and their long-term target range and demonstrates strong operating performance despite COVID related headwinds. The company saw elevated MCR due to COVID driven costs by ~50 bps. These increased costs were mitigated by lower utilization due to covid and effective medical cost management as well as favorable risk adjustment and product mix in Marketplace. The mostly in line MCR combined with disciplined cost management and enabled the company to deliver adjusted EPS of $4.90 vs. the consensus of $4.66."

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