Credit Suisse Scott Fidel said WellCare, at a competitor conference, provided for the first time its estiamte of the preliminary 2017 Medicare Advantage rates, indicating a slight decrease versus the 1.35% increase estimated by CMS. WellCare is now pointing out that the proposed risk adjustment model changes including the FFS normalization factor could actually reduce its rates. Absent the risk score calibration factor, the company notes that 2017 preliminary Medicare Advantage rates would have been in-line with its expectations, the analyst said. Fidel rates WellCare an Underperform with a $75 price target on shares.