Centene price target raised by $8 at Wells Fargo, here’s why

Wells Fargo raised the firm’s price target on Centene to $82 from $74 and keeps an Equal Weight rating on the shares following constructive I-Day. The range of outcomes on near-term Medicaid rates and costs appears to be narrowing, the firm says. If industry Medicaid margins are still elevated, pressure may not manifest until next rate cycle, Wells adds.