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Fly News Breaks for May 31, 2018
VIVO, WCG
May 31, 2018 | 07:22 EDT
BMO Capital analyst Matt Borsch raised his price target for WellCare (WCG) to $275 from $250, telling investors in a research note that the implied valuation of the proposed $2.5B Meridian (VIVO) deal "looks reasonable" on a price per member basis. Specifically, he notes that the deal implies WellCare is paying about $2,000 per Medicaid managed care life and about $5,600 per Medicare Advantage life. Borsch, who has an Outperform rating on WellCare, views the company as the best-positioned growth story in Managed Care given a "modest" size, its product/market position at the intersection of Medicaid and Medicare and "significant" room for margin expansion.
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