Centene price target raised by $6 at Jefferies, here’s why

Jefferies raised the firm’s price target on Centene to $90 from $84 and keeps a Buy rating on the shares. Centene’s 2024 Medicare Advantage membership “was going to leak, and guidance confirms as much,” but to replace an estimated 270,000 membership reduction in MA next year, management cleverly “bought” an estimated 1.5M-plus leads in PDP, the analyst tells investors after the company’s investor day meeting. Shares remain “deeply discounted,” the analyst added.