Oppenheimer analyst Michael Wiederhorn maintained a Buy rating on Centene Corp (CNC) today and set a price target of $165. The company’s shares closed yesterday at $142.96, close to its 52-week high of $148.24.
Wiederhorn wrote:
“We hosted meetings with Centene’s management, including CEO Michael Neidorff, and believe that the company remains well positioned due to stable underlying trends and promising opportunities across its businesses. The outlook for the key exchange business remains stable, as open enrollment trends have not yet signaled any significant changes to the business’s prospects. In addition, Tuesday’s election results should drive potential Medicaid growth across a number of states. With the exchange business expected to continue its growth, supplemented by long-term opportunities across Medicare, Medicaid and international, Centene is well positioned to carry its strong performance into 2019 and beyond.”
According to TipRanks.com, Wiederhorn is a top 25 analyst with an average return of 17.6% and a 73.2% success rate. Wiederhorn covers the Services sector, focusing on stocks such as Cross Country Healthcare, Addus Homecare Corp, and Community Health.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Centene Corp with a $160.38 average price target, a 12.2% upside from current levels. In a report issued on October 24, Leerink Partners also upgraded the stock to Buy with a $155 price target.
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Centene Corp’s market cap is currently $29.36B and has a P/E ratio of 29.78. The company has a Price to Book ratio of 2.76.
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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.
