Centene downgraded to Hold on estimate risk at Deutsche Bank

Deutsche Bank analyst George Hill downgraded Centene to Hold from Buy with a price target of $79, down from $94. The analyst is "increasingly concerned" that the risk of redeterminations and the risks to Medicare Advantage membership/profits are not fully reflected in the share price or consensus estimates. The firm is most concerned about 2024 earnings estimates, as its estimates sit 9% below consensus. Even with Centene shares down sharply year-to-date, "significant negative" future revisions both to guidance and Street estimates create risk for the shares.