JPMorgan downgraded Centene (CNC) to Neutral from Overweight with a price target of $48, down from $75, after the company announced it was withdrawing prior FY25 guidance, citing data that demonstrated slower growth and worse morbidity in the broader ACA exchange market as well as a higher-than-anticipated Medicaid trend. The firm’s updated December 2025 price target reflects the estimated ACA headwinds as well as incremental Medicaid pressure, assuming that Centene is able to reprice at least a portion of its book into 2026, the analyst noted.
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