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Centene price target lowered to $52 from $65 at BofA

BofA analyst Joanna Gajuk lowered the firm’s price target on Centene (CNC) to $52 from $65 and keeps a Neutral rating on the shares. Centene withdrew its 2025 guidance on higher acuity in Marketplace population in its markets and higher than expected Medicaid trend, which is a negative read through to other MCOs, the analyst tells investors in a research note. The firm notes that Oscar Health (OSCR), Centene, and Molina Healthcare (MOH) are the most exposed to exchanges, while Molina, Elevance Health (ELV), and UnitedHealth (UNH) are most exposed to Medicaid.

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