Oppenheimer Reiterates Outperform On Centene Shares, $99 PT


In a research report issued today, Oppenheimer analyst Michael Wiederhorn reiterated an Outperform rating on Centene (NYSE:CNC) with a price target of $99.00.

Wiederhorn noted, “CNC reported Q3:14 GAAP EPS of $1.34, or $0.95 on an adjusted basis, compared to our est. of $0.85. Adjusted EPS compares to our model by excluding $0.39 in total tax benefits, but includes $0.06 in transaction costs and a $0.15 impact from the health insurance fee. Following the quarter, CNC raised FY2014 EPS guidance to $4.35-4.50 from $3.70-3.90, with $0.09-0.14 due to operational improvements ($0.51 tax benefits). While the lower tax rate helped results/guidance, it does appear to be ongoing, so we are updating our FY2014/FY2015 EPS estimates to $4.46/$4.92 and our price target to $99 from $93.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Wiederhorn has a total average return of 19.7% and a 85.4% success rate. Wiederhorn has a 26.7% average return when recommending CNC, and is ranked #98 out of 3350 analysts.