Cantor Fitzgerald analyst Steven Halper reiterated a Buy rating on WellCare Health Plans (NYSE: WCG) today and set a price target of $330. The company’s shares closed on Friday at $301.41, close to its 52-week high of $315.65.
Halper observed:
“. We reiterate our Overweight rating on WCG shares and increase our 12-month price target to $330 from $292. We now include the recently closed acquisition of Meridian (announced this past May) into our 2018 estimates. Our 2019 estimates are largely unchanged, aside from a slight increase in revenue, as we now see slightly higher upside than we previously expected. After including Meridian’s long-term impact in our DCF model, we now assume high single-digit revenue growth and think margin expansion is quite achievable for the near-to- mid-term given WellCare’s smaller standalone size relative to other Managed Care peers.”
According to TipRanks.com, Halper is a top 25 analyst with an average return of 25.7% and a 77.4% success rate. Halper covers the Services sector, focusing on stocks such as Tivity Health Inc, Hms Holdings Corp, and Evolent Health.
WellCare Health Plans has an analyst consensus of Strong Buy, with a price target consensus of $307.78, a 2.1% 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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The company has a one-year high of $315.65 and a one-year low of $162.25. Currently, WellCare Health Plans has an average volume of 627K.
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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.
