Wells Fargo Downgrades Triple-S Management (GTS) to Market Perform; Cutting Estimates & Price Target

Wells Fargo downgraded Triple-S Management (NYSE: GTS) from Outperform to Market Perform with a price target range cut to $22-24 from $25-28.

Wells analyst said, "The basis for our downgrade is three factors; long-term pressures from decreasing Medicare Advantage (MA) rates in Puerto Rico, short-term concerns regarding the weakened reserves, and lastly, the current valuation of 9.9x our lowered 2013 EPS estimate. We lower our 2012E and 2013E EPS by $0.15 each to $2.20 and $2.40 respectively."

For an analyst ratings summary and ratings history on Triple-S Management click here. For more ratings news on Triple-S Management click here.

Shares of Triple-S Management closed at $23.75 yesterday.

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