Centene (CNC) PT Raised to $70 at Mizuho Securities, Following Earnings

October 28, 2021 4:03 PM EDT
Get Alerts CNC Hot Sheet
Price: $73.90 --0%

Rating Summary:
    24 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 15 | New: 58
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Mizuho Securities analyst Ann Hynes raised the price target on Centene (NYSE: CNC) to $70.00 (from $67.00) while maintaining a Neutral rating.

Analyst says: "We are raising our price target to $70 (from $67) given CNC met MLR consensus estimates and guidance, a main concern going into the quarter. We are lowering our 2021E-2023E estimates to reflect the headwinds on margins to onboard new contracts and a more gradual ramp of cost savings initiatives into 2023. We view CNC's maintenance of 2021 MLR guidance as a positive given the pressure on utilization in the near-term. However, to re-rate the stock, we still need to see execution on the company's long-term margin expansion plan and value creation strategies."



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