UBS analyst Kevin Caliendo initiated coverage of Molina Healthcare with a Neutral rating and $310 price target. While UBS believes Molina Healthcare is well-positioned to see long-term above average revenue growth from recent and future Request for Proposals wins, market share gains, and an expectation of M&A, the impact from redeterminations on both membership and margins creates risk to estimates in FY24, the analyst tells investors in a research note. The firm believes prospects for multiple expansion are limited until broader MCO sentiment improves and there are more tangible benefits from redetermination improvement, new state expansion and market share gains.
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