Molina Healthcare price target lowered to $375 from $410 at Wells Fargo

Wells Fargo lowered the firm’s price target on Molina Healthcare to $375 from $410 and keeps an Equal Weight rating on the shares. Higher-than-expected Medicaid MLR will bear monitoring, says the firm, which is lowering 2024 EPS slightly to reflect its perception of tighter guidance. Texas win expected to offset Florida and Virginia on EPS power basis, but timing suggests 2025 EPS needs to come down, Wells adds.