After Anthem (ANTM) CEO Joe Swedish confirmed while presenting at the JPM Healthcare conference that the company is exercising the repricing provision in its agreement with Express Scripts (ESRX), Evercore ISI analyst Ross Muken estimated that the now-public dispute puts $500-$700MM of Express Scripts EBITDA at risk, which could represent a headwind of 35c-65c per share on Express Scripts' earnings. Muken ultimately believes it is more likely that the two sides reach a mutual agreement than pursue a court battle or end their partnership, but also thinks the risk posed to Express Scripts' earnings for the Anthem overearning is not yet fully reflected in the stock. The analyst has a Hold rating and $93 price target on Express Scripts shares.