BofA analyst Kevin Fischbeck upgraded Centene to Neutral from Underperform with a price target of $72, down from $79. The company is now trading below 10x 2024E EPS, while the near earnings expectations have been rebased to include most of the major risks, including RFP losses and MA margins, and BofA no longer sees a significant downside case, the analyst tells investors in a research note. The firm believes risk-reward is beginning to swing toward the positive as sentiment bottoms, but feels valuations will likely remain depressed.
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