Anthem (ANTM) Blows out Consensus EPS, Reporting $7.01 vs. $6.38, PT Raised to $399 at RBC Capital
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RBC Capital analyst Frank Morgan raised the price target on Anthem (NYSE: ANTM) to $399.00 (from $350.00) after the company reported 1Q21 adj EPS of $7.01 vs. the consensus $6.38. Membership growth increased +3.3% YOY and +1.4% sequentially, led by Medicaid and Medicare was partly offset by lower Commercial due to in-group attrition in the fee-based group book. MLR at 85.6% was 220 bps below consensus, reflecting the earlier and sharper than expected
decline in COVID hospitalizations, partly offset by higher non-COVID utilization, likely both due partly to accelerated vaccinations.
The analyst reiterated an Outperform rating, stating "ANTM’s core business trends remain solid enabling the company to overcome short-term headwinds primarily related to COVID. Given the strong start, mgmt's increased guidance is closer to where expectations previously resided last quarter when the initial guidance was provided."
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