Centene downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded Centene to Equal Weight from Overweight with a price target of $85, down from $92. The business and stock performance have been “firmly locked into a largely repetitive ‘one-step forward, one-step back’ cycle” over the past two years, says the analyst, who adds that the disappointing Texas STAR and CHIP Medicaid RFP outcome “continued this trend into 2024.” This has created a more “asymmetrically negative” near-term setup into the pending Florida and Georgia RFP announcements, the analyst tells investors.