Credit Suisse analyst A.J. Rice lowered his price target for Anthem to $355 from $380 and made no change to his Outperform rating following the company's quarterly results. Given the size of Anthem's commercial and Medicaid book compared to its Medicaid Advantage book relative to the mix of some of the company's leading competitors, management believes this year's flu may impact it more than others, Rice tells investors in a research note. He also says Anthem expects roughly 55% of 2020 EPS to come in 1H20, with slightly more than half of first half earnings occurring in 1Q20, and that while IngenioRx benefits in 2019 were back loaded toward 2H, the $2.30 contribution for 2020 is expected to be more evenly spread over the year.