Molina Healthcare price target lowered to $282 from $307 at Wells Fargo

Wells Fargo analyst Stephen Baxter lowered the firm’s price target on Molina Healthcare (MOH) to $282 from $307 and keeps an Underweight rating on the shares. The firm’s bottom-up analysis of over 2,000 stat filings suggests the potential for meaningful Medicaid margin pressure. Despite deep discounts to historical valuations, Wells thinks it will be difficult for Centene (CNC) or Molina Healthcare to work until expectations are fully reset.