Cantor Fitzgerald Believes WellCare Health Plans (WCG) Still Has Room to Grow

In a report released today, Steven Halper from Cantor Fitzgerald reiterated a Buy rating on WellCare Health Plans (NYSE: WCG), with a price target of $330. The company’s shares opened today at $302.06, close to its 52-week high of $315.65.

Halper observed:

“. We reiterate our Overweight rating on WCG shares and maintain our 12-month price target of $330. Given the company’s recent comments at a competitor conference, we are reducing our 3Q18 earnings estimate but increasing our 4Q18 estimate by the same amount. Our prior 2018 estimates did not properly reflect the added interest expense and share offering that were completed in advance of closing of the Meridian acquisition. Our full year 2018 and 2019 EPS estimates remain unchanged.”

According to TipRanks.com, Halper is a top 25 analyst with an average return of 25.2% and a 76.2% success rate. Halper covers the Services sector, focusing on stocks such as Tivity Health Inc, Hms Holdings Corp, and Evolent Health.

Currently, the analyst consensus on WellCare Health Plans is a Strong Buy with an average price target of $315.33, implying a 4.4% upside from current levels. In a report issued on September 7, SunTrust Robinson also maintained a Buy rating on the stock with a $360 price target.

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WellCare Health Plans’ market cap is currently $13.53B and has a P/E ratio of 28.08. The company has a Price to Book ratio of 5.06.

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WellCare Health Plans, Inc. engages in the provision of government-sponsored managed care services through Medicaid, Medicare Advantage, and Medicare Prescription Drug Plans to families, children, seniors, and individuals with complex medical needs. It operates through the following segments: Medicaid Health Plans, Medicare Health Plans, and Medicare PDPs.