In a report released today, Steven Halper from Cantor Fitzgerald reiterated a Buy rating on Centene Corp (CNC), with a price target of $165. The company’s shares closed on Friday at $127.53.
Halper wrote:
“. We reiterate our Overweight rating on CNC shares and increase our price target to $165 from $145. 14, CNC hosted its annual Investor Day. The company emphasized its leadership in Medicaid and indicated that additional growth is expected. Expansion into new and existing markets is the primary driver for the company’s optimism. CNC also highlighted its commitment to core clinical programs and investments in digital transformation, which we found interesting. Perhaps most importantly, the company shed light on its Centene Forward program to drive operational efficiencies. This program should drive margin expansion starting in 2020.”
According to TipRanks.com, Halper is a top 100 analyst with an average return of 17.7% and a 64.6% success rate. Halper covers the Services sector, focusing on stocks such as WellCare Health Plans, Tivity Health Inc, and Hms Holdings Corp.
Centene Corp has an analyst consensus of Strong Buy, with a price target consensus of $164.43, representing a 28.9% upside. In a report issued on December 13, Oppenheimer also assigned a Buy rating to the stock with a $165 price target.
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The company has a one-year high of $148.98 and a one-year low of $95.34. Currently, Centene Corp has an average volume of 1.51M.
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Centene Corp. engages in the provision of programs and services to government sponsored healthcare programs. It operates through the Managed Care and Specialty Services segments. The Medicaid Managed Care segment provides health plan coverage to individuals through government subsidized programs through Medicaid.
