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Fly News Breaks for October 27, 2015
MGLN
Oct 27, 2015 | 09:56 EDT
Goldman Sachs analyst Matthew Borsch says the Q3 results from Magellan Health look well below expectations even with the company previously warning that managed care results would be hurt by a lower than expected rate update for the Florida Medicaid program. Magellan lowered its 2015 outlook to $2.82-$3.32 from $3.45-$3.90, below Borsch's estimate of $3.53. He calls the quarter "messy" and says his estimates and target are under review. The analyst has a Neutral rating on the name. Magellan shares are up $3.16 to $51.52 in early trading.
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