Citi analyst Ralph Giacobbe downgraded Centene to Neutral and lowered his price target for the shares to $73 from $79. The company is "in the crosshairs of where it appears Republicans are seeking savings," Giacobbe tells investors in a research note. Lower income exchange populations will see the greatest potential coverage disruption, the analyst points out. He notes that 25% of Centene's earnings come from Medicaid expansion and the exchanges. He sees potential risk to the company's future earnings stream. After meetings in D.C., Giacobbe sees a higher probability of the American Health Care Act passing.