Cantor Fitzgerald Upgrades Centene (CNC) to Buy
Cantor Fitzgerald upgraded Centene (NYSE: CNC) from Hold to Buy with a price target of $65.00 (from $50.00). The upgrade follows Centene Q2 results.
"We are boosting our estimates and price target and raising our rating from HOLD to BUY based on Centene's exit from Kentucky, improved execution, and a return to the form that drove our positive view of the stock before it stumbled in Kentucky last year," said analyst Joseph D. France.
"The company has since entered a number of other new markets without incident, and we believe that as its mix matures, margins will improve. Most of Centene's new markets are experienced with managed care, and although ABD and dual eligibles are more complex than the company's existing book, we believe a staged rollout in Florida and California will raise enthusiasm for the stock," he added.
For an analyst ratings summary and ratings history on Centene (NYSE: CNC) click here. For more ratings news on Centene click here.
Shares of Centene closed at $55.92 yesterday, with a 52 week range of $34.31-$56.44.
"We are boosting our estimates and price target and raising our rating from HOLD to BUY based on Centene's exit from Kentucky, improved execution, and a return to the form that drove our positive view of the stock before it stumbled in Kentucky last year," said analyst Joseph D. France.
"The company has since entered a number of other new markets without incident, and we believe that as its mix matures, margins will improve. Most of Centene's new markets are experienced with managed care, and although ABD and dual eligibles are more complex than the company's existing book, we believe a staged rollout in Florida and California will raise enthusiasm for the stock," he added.
For an analyst ratings summary and ratings history on Centene (NYSE: CNC) click here. For more ratings news on Centene click here.
Shares of Centene closed at $55.92 yesterday, with a 52 week range of $34.31-$56.44.