Centene upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Centene (CNC) to Hold from Underperform with a price target of $64, up from $53. Jefferies expects near-term multiple reflation off historical lows given healthy Medicaid rate updates and retros in Q1 as per channel checks, and Republican lawmakers equivocating on deep budget cuts, the analyst tells investors in a research note. If retro rates land, core Medicaid rate updates are equal or better than management’s guidance, and policy optics improve slightly, valuation could improve materially, as could 2025 EPS, the firm argues.