Centene double upgraded to Buy from Underperform at BofA

As previously reported, BofA double upgraded Centene (CNC) to Buy from Underperform with a price target of $60, up from $34, due to Medicaid margins likely bottoming in 2026. The firm sees a return to target margins “being more a matter of time and math” as state data slowly catch up to trend/risk pool shifts in 2024/25, improving rates and margins in 2027, the analyst tells investors.