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Fly News Breaks for November 11, 2019
MGLN
Nov 11, 2019 | 07:15 EDT
Stephens analyst Scott Fidel noted that Magellan Health was notified it will be awarded a contract to administer pharmacy benefits services for the California Department of Health Services that he estimates represents 5c-10c per share in incremental EPS. While he projects only modest revenue growth of 4% in 2020, the California PBM win could set the stage for more favorable 2021 top-line growth, said Fidel, who bumped his price target on Magellan shares to $67 from $65 but keeps an Equal Weight rating on the stock.
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