As previously reported, Morgan Stanley downgraded Express Scripts (ESRX) to Equal Weight from Overweight. Analyst Ricky Goldwasser said PBM consultant data indicates Anthem's (ANTM) contribution to Express Scripts' earnings is more than previously assumed due to the increased contribution of specialty to overall profits. The analyst now estimates Anthem's contract contribution is as much as $1.7B-$1.9B of Express' EBITDA versus his previous estimate of $1B-$1.2B and earnings of $1.62-$1.81 versus 95c-$1.14 previously. Goldwasser said limited transparency regarding Anthem's profit contribution and increased risk the contract may not renew will weigh on Express shares.