Wells Fargo analyst Stephen Baxter upgraded Molina Healthcare to Equal Weight from Underweight with a price target of $420, up from $367. The firm says that while certain guidance assumptions leave it concerned on 2024, Molina should have “several shots on goal” in upcoming Medicaid requests for proposals and its recent track record has been very strong. Molina has several opportunities in large Medicaid proposals to enter new states or increase share in existing states, the analyst tells investors in a research note. Wells is “increasingly unwilling” to bet against the company in the upcoming cycle.
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