Centene (CNC) PT Raised to $69 at Jefferies

Jefferies analyst David Windley raised the price target on Centene (NYSE: CNC) to $69.00 (from $59.00) while maintaining a Hold rating.

The analyst comments "3Q successfully navigated unexpected headwinds, some of which are persistent (HIX program integrity) while others aren't (FL CMS pressure). We estimate ~$1.37 of EPS power realization in '27 off the $4.70 jump-off which lands our EPS at $6.07, but acknowledge the key variable remains Medicaid MLR on which we still need more detail. With the easier MLR recovery opptys realized, expect more debate around multiple. '28 EPS of ~$6.60 at 10.4x = $69 PT."

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