Argus analyst David Toung raised his price target on WellCare to $360 and kept his Buy rating, saying the company's acquisition of Meridian is a reflection of its "expansion mode". The analyst also raised his FY19 EPS view to $12.60 from $12.00, stating that WellCare's growth opportunities from its M&A strategy justifies its premium valuation of 24.1-times his expected forward earnings - above the peer average of 19.0-times. Toung maintains that WellCare will continue to grow through acquisitions, increased Medicare Advantage coverage, and new contract awards.