Centene price target lowered to $72 from $76 at Wells Fargo

Wells Fargo analyst Stephen Baxter lowered the firm’s price target on Centene (CNC) to $72 from $76 and keeps an Overweight rating on the shares. Q4 results were messy, with higher Medicaid MLR creating a more difficult jump-off point heading into 2025, the firm says. Earnings power recovery remains a significant opportunity but visibility to pacing and clarity on political backdrop will each take some time, adds Wells.