Centene (CNC) PT Lowered to $68 at Jefferies

Jefferies analyst David Windley lowered the price target on Centene (NYSE: CNC) to $68.00 (from $72.00) while maintaining a Hold rating.

The analyst comments "Caid MLR only +30bp QoQ evokes a similar reaction to MOH's 3Q; not yet all clear, but limits downside risk to '25. $1B+ of SDPs improved Caid rev optics during the qtr. CNC's wtd avg HIX rate request for '25 is -0.5%, the lowest among MCOs. A ~350bp mgn contraction (JEFe) based on that rate equals a $2 EPS headwind. Growing membership likely offsets <25%. Despite mgt confidence, our antennas are up on PDP mgns when prem grows to $13B+ in '25. Stay Hold."

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