Balanced Outlook: Raising Long-Term EPS and Target Price While Medicaid Headwinds Justify a Hold Rating

TD Cowen analyst Ryan Langston has maintained their neutral stance on CNC stock, giving a Hold rating today.

Ryan Langston has given his Hold rating due to a combination of factors including mixed earnings performance and segment-specific pressures. While adjusted EPS modestly beat expectations and management outlined margin improvement in the Marketplace and Medicare businesses for 2026 and 2027, the firm still anticipates ongoing headwinds in Medicaid, including rate dynamics and enrollment declines that weigh on premium revenue.

At the same time, Langston raised his 2026 EPS estimate and maintained a constructive view on longer-term margin expansion across all lines of business, which supports a higher price target of $38 based on 10x 2027 EPS. However, the balance of improving prospects in Medicare and Marketplace against persistent Medicaid margin pressure leads him to see the risk‑reward as fairly neutral at current levels, justifying a Hold rather than a more aggressive rating.

In another report released today, Deutsche Bank also maintained a Hold rating on the stock with a $39.00 price target.

Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CNC in relation to earlier this year.