UBS analyst Michael Cherry said the inline Q1 report from Express Scripts (ESRX) was clearly overshadowed by the Anthem (ANTM) intention to terminate its contract and discontinue discussions about its renewal. Express Scripts said it proposed a reset of $1B a year in the form of price concessions as long as it got a contract extension. Anthem, however, is in an RFP process to identify a PBM vendor post the current contract. Cherry said Express Scripts shares are already pricing in a loss of that contract so he reiterated his Neutral rating and $71 price target on Express Scripts shares.