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CNC

Centene

$129.28

0.15 (0.12%)

, MOH

Molina Healthcare

$103.69

3.26 (3.25%)

06:14
07/10/18
07/10
06:14
07/10/18
06:14

Risk adjuster suspension positive for Centene and Molina, says Piper Jaffray

Centers for Medicare & Medicaid Services suspending risk adjusters for the health exchange will likely cost the government and consumers more, but it could be positive for Centene (CNC) and Molina Healthcare (MOH), Piper Jaffray analyst Sarah James tells investors in a research note. Both companies are in a net payable position for 2017 and not having to pay these funds would allow the plans to retain cash, the analyst adds. James also sees a positive read-through for UnitedHealth (UNH), Aetna (AET) and Cigna (CI). The analyst finds it most likely that CMS will seek to adjust the risk adjusters in the end rather than cancel the program, but she adds the agency only has a few weeks for them to sort this out, which she feels is not enough time.

CNC

Centene

$129.28

0.15 (0.12%)

MOH

Molina Healthcare

$103.69

3.26 (3.25%)

UNH

UnitedHealth

$253.68

2.99 (1.19%)

AET

Aetna

$187.52

1.25 (0.67%)

CI

Cigna

$173.21

1.08 (0.63%)

  • 17

    Jul

  • 24

    Jul

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    Aug

  • 02

    Aug

  • 23

    Oct

  • 14

    Dec

CNC Centene
$129.28

0.15 (0.12%)

06/28/18
CANT
06/28/18
NO CHANGE
CANT
Amazon deal not to materially impact managed care segment, says Cantor Fitzgerald
Following the announcement that Amazon (AMZN) is acquiring PillPack, Cantor Fitzgerald analyst Steven Halper notes that back in April, CNBC had reported that Walmart (WMT) and Amazon were both looking to acquire the company, with Walmart likely to pay under $1B for PillPack. At this juncture, the analyst is not worried about Amazon's entrance into the prescription market and does not expect a material impact on any of the companies he covers in the managed care segment. Halper reiterates an Overweight rating of Aetna (AET), Anthem (ANTM), Centene (CNC), UnitedHealth (UNH) and Wellcare (WCG). He keeps a Neutral rating on Humana (HUM).
07/09/18
JPMS
07/09/18
NO CHANGE
JPMS
CMS suspension could save Molina, Centene hundreds of millions, says JPMorgan
The Centers for Medicare and Medicaid Services confirmed Saturday that it will at least temporarily suspend the healthcare exchange risk adjustment program. If true, the immediate effect is that this Fall Molina Healthcare (MOH) and Centene (CNC) would avoid paying hundreds of millions of accrued payments related to 2017, JPMorgan analyst Gary Taylor tells investors in a research note. He notes that Molina would avoid $912M in payments and Centene $677M, according to their annual filings. On the other side, Anthem (ANTM) would not collect an expected $400M-$500M receivable, Taylor adds, citing his estimate. The analyst believes the longer-term effect of suspension "would be possibly additional significant disruption/withdrawals/rate hikes in the individual market for 2018-19." 19. If permanently dismantled, Taylor estimates Molina could book a one-time $350M after-tax gain related to 2017, Centene no gain and Anthem a $320M after tax loss. In terms of recurring earnings power exposure to exchanges, the analyst believes only Molina could materially benefit.
06/27/18
JPMS
06/27/18
DOWNGRADE
Target $106
JPMS
Neutral
Molina Healthcare downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Gary Taylor downgraded Molina Healthcare (MOH) to Neutral from Overweight, telling investors in a research note that he sees a high probability that Molina will retain its $2.2B 2020 Texas Medicaid contracts, but he does not like the downside risk heading into that Q3 re-procurement announcement. As Molina focuses on retaining existing businesses and improving its margin profile, he believes Centene (CNC) and WellCare (WCG) are better positioned to win new Medicaid contracts. Taylor raised his price target on Molina to $106 from $91.
06/18/18
BMOC
06/18/18
NO CHANGE
Target $150
BMOC
Outperform
Centene price target raised to $150 from $135 at BMO Capital
BMO Capital analyst Matt Borsch raised his price target on Centene to $150 and kept his Outperform rating after the company's Investor Day, saying its preliminary FY19 revenue guidance of $69B looks conservative given than half of the growth should come from a full year of Fidelis. The analyst adds that the target looks reasonable with added possibility of upside, while also noting his more positive view on Centene's improved visibility toward earnings drivers next year and beyond.
MOH Molina Healthcare
$103.69

3.26 (3.25%)

06/27/18
JPMS
06/27/18
UPGRADE
Target $287
JPMS
Overweight
WellCare upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Gary Taylor upgraded WellCare (WCG) to Overweight from Neutral and raised his 2019YE price target to $287 from $223, telling investors in a research note that while he has missed strong stock performance over the last two months, he thinks WellCare still has the opportunity to drive long-term investor value through organic growth, acquisitions and operational execution driving higher margins. This morning, Taylor also downgraded peer Molina Healthcare (MOH) to Neutral from Overweight.
06/27/18
JPMS
06/27/18
NO CHANGE
JPMS
Molina's Medicaid solutions sale to DXC negative for Conduent, says JPMorgan
JPMorgan analyst Tien-tsin Huang notes that Molina (MOH) announced its intent to sell its Medicaid Management System to DXC Technology (DXC) for a total purchase price of $220M. The analyst is encouraged with the deal as it strengthens DXC's positioning in the Medicare and Medicaid implementation segment, as he anticipates the combined company to serve 24 U.S. states/regions. However, Huang views the deal to be competitively negative for Conduent (CNDT), who implements MMIS for 10 states/regions in the U.S. The analyst reiterates an Overweight rating on DXC's shares and a Neutral rating on Conduent.
06/27/18
06/27/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Molina Healthcare (MOH) downgraded to Neutral from Overweight at JPMorgan with analyst Gary Taylor saying he sees a high probability that Molina will retain its $2.2B 2020 Texas Medicaid contracts, but he does not like the downside risk heading into that Q3 re-procurement announcement. 2. Bio-Techne (TECH) downgraded to Hold from Buy at Deutsche Bank with analyst Dan Leonard stating that he increasingly questions the durability of its organic sales growth. 3. Horizon Pharma (HZNP) downgraded to Neutral from Buy at Citi with analyst Liav Abraham saying he sees limited upside to valuation at current levels following the recent upward inflection in the share price. 4. NuVasive (NUVA) downgraded to Underperform from Neutral at BofA/Merrill with analyst Bob Hopkins stating that he is skeptical NuVasive can consistently drive high single digit revenue growth due to robotics momentum in the marketplace and lack of a differentiated product. 5. Wesco (WCC) downgraded to Sector Weight from Overweight at KeyBanc with analyst Steve Barger saying its recent inability to translate increasing sales to incremental margin is reflective of the more competitive electrical distribution market it serves. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
UNH UnitedHealth
$253.68

2.99 (1.19%)

07/05/18
CANT
07/05/18
NO CHANGE
Target $300
CANT
Overweight
UnitedHealth shares 'remain very attractive,' says Cantor Fitzgerald
Cantor Fitzgerald analyst Steven Halper reiterates an Overweight rating on UnitedHealth with a $300 price target ahead of the company's Q2 results. The company kicks off the Q2 reporting season on July 17 and should report "strong" results, continuing the trend from Q1, Halper tells investors in a pre-earnings research note. The shares "remain very attractive," the analyst adds.
06/21/18
BMOC
06/21/18
NO CHANGE
Target $300
BMOC
Outperform
UnitedHealth price target raised to $300 from $285 at BMO Capital
BMO Capital analyst Matt Borsch raised his price target on UnitedHealth to $300 after its meeting with investors and a positive update on its current state of the business. The analyst contends that the company's advantage over competitors is stronger than it has ever been before as it widens its lead "in terms of product, innovation, technology, scope, and scale". Borsch keeps his Outperform rating on UnitedHealth, adding that the company could further benefit from competitors' distractions such as the pending CVS (CVS) - Aetna (AET) and Cigna (CI) -Express Scripts (ESRX) mergers.
06/25/18
LEHM
06/25/18
UPGRADE
Target $130
LEHM
Overweight
Quest Diagnostics upgraded to Overweight from Equal Weight at Barclays
As previously reported, Barclays analyst Jack Meehan upgraded Quest Diagnostics (DGX) to Overweight from Equal Weight and raised his price target to $130 from $120, telling investors in a research note that Quest has a "very favorable" risk-reward profile and current levels. Meehan contends that it "could be a big deal" that UnitedHealth (UNH) will share savings with preferred labs as volume shifts from high-cost settings, a first for the lab industry, and that his primary care physician survey indicates that both Quest and LabCorb (LH) should gain share as payor networks open. Additionally, Meehan says the "pieces are in place" for Quest to more meaningfully leverage its diagnostic data asset with customers. Commenting further on Top Pick LabCorp, Meehan believes industry themes that bode well for Quest also bode well for LabCorp.
AET Aetna
$187.52

1.25 (0.67%)

06/29/18
RBCM
06/29/18
NO CHANGE
Target $84
RBCM
Outperform
CVS Health price target lowered to $84 from $91 at RBC Capital
RBC Capital analyst George Hill lowered his price target on CVS Health Corp (CVS) to $84 after Amazon (AMZN) announced its entry into the pharmacy space with the acquisition of PillPack, even though he believes that the "stickiness of payer/pharmacy relationships, decreasing share of mail order, and PillPack's market share" will not cut margins in near to medium term. Hill keeps his Outperform rating on CVS, noting that it is better positioned to continue to grow its EBIT than Walgreens (WBA). The analyst also sees Amazon's entry into drug distribution raising the possibility of DOJ approval of CVS's Aetna (AET) acquisition.
07/09/18
SBSH
07/09/18
UPGRADE
Target $81
SBSH
Buy
CVS Health assumed to Buy from Neutral at Citi
Citi analyst Ralph Giacobbe upgraded CVS Health (CVS) to Buy after assuming coverage of the name. The analyst raised his price target for the shares to $81 from $68. While the execution of an integrated healthcare superstore post the pending Aetna (AET) acquisition may be a long way off, the concept will resonate with employers and individuals, Giacobbe tells investors in a research note. He believes deal integration and competitive Amazon (AMZN) risk are "somewhat overstated particularly in the context of heavily discounted valuation."
CI Cigna
$173.21

1.08 (0.63%)

06/13/18
LEER
06/13/18
NO CHANGE
LEER
AT&T, Time Warner approval positive for PBM-MDCO deals, says Leerink
Leerink analyst Ana Gupte says that the highly anticipated AT&T (T)-Time Warner (TWX) court decision is in favor of the companies and against the DoJ, "meaningfully increasing" the probability that the two vertical mega-mergers will close, namely Aetna (AET) and Express Scripts (ESRX), and CVS (CVS) and Cigna (CI).
06/13/18
DBAB
06/13/18
NO CHANGE
DBAB
CVS, Aetna deal on track to close in second half, says Deutsche Bank
After AT&T (T) won approval to acquire Time Warner (TWX), Deutsche Bank analyst Glen Santangelo continues to believe that CVS Health's (CVS) acquisition of Aetna (AET) is on track to close in the second half of 2018. He expects the favorable Time Warner ruling to further reduce the market spreads in both CVS, Aetna and Cigna (CI), Express Scripts (ESRX) from current levels. Shares of CVS represent a "compelling investment opportunity" at current valuation levels regardless of the regulatory outcome of the deal, Santangelo tells investors in a research note. He believes Cigna's acquisition of Express Scripts is also likely to close.
06/13/18
OPCO
06/13/18
NO CHANGE
OPCO
AT&T, Time Warner merger approval favorable for big healthcare deals, says Oppenheimer
Oppenheimer analyst Mohan Naidu notes that a federal judge approved AT&T's (T) purchase of Time Warner (TWX), without conditions, in a decision on a case brought by the DoJ in November, on insufficient proof of consumer or competitive harm, in what was widely considered a vertical merger. The closely watched trial was seen as a precedent case for CVS (CVS)-Aetna (AET) and Cigna (CI)-Express Scripts (ESRX), two vertical mergers in healthcare also currently under review by DoJ, he contends.

TODAY'S FREE FLY STORIES

FRAC

Keane Group

$12.50

-0.14 (-1.11%)

19:33
10/17/18
10/17
19:33
10/17/18
19:33
Initiation
Keane Group initiated  »

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NBR

Nabors Industries

$6.25

-0.175 (-2.72%)

19:28
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10/17
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19:28
Initiation
Nabors Industries initiated  »

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NINE

Nine Energy Services

$39.10

0.31 (0.80%)

19:19
10/17/18
10/17
19:19
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19:19
Initiation
Nine Energy Services initiated  »

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PTEN

Patterson-UTI

$16.58

-0.37 (-2.18%)

19:17
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19:17
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19:17
Initiation
Patterson-UTI initiated  »

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GSBC

Great Southern Bancorp

$52.51

0.26 (0.50%)

19:04
10/17/18
10/17
19:04
10/17/18
19:04
Earnings
Great Southern Bancorp reports preliminary Q3 EPS $1.18, consensus $1.06 »

Reports Q3 NI $43.0M vs.…

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  • 18

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HMNY

Helios and Matheson

$0.02

0.001 (5.18%)

18:59
10/17/18
10/17
18:59
10/17/18
18:59
Periodicals
Breaking Periodicals news story on Helios and Matheson »

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BY

Byline Bancorp

$21.33

0.02 (0.09%)

18:51
10/17/18
10/17
18:51
10/17/18
18:51
Hot Stocks
Byline Bancorp to acquire Oak Park River Forest Bankshares for $42M »

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ABB

ABB

$21.37

-0.115 (-0.54%)

18:48
10/17/18
10/17
18:48
10/17/18
18:48
Periodicals
ABB weighs divesting $10B power grid business, Bloomberg reports »

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VEC

Vectrus

$28.98

-0.74 (-2.49%)

18:22
10/17/18
10/17
18:22
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18:22
Hot Stocks
Vectrus names Kevin Boyle chief legal officer »

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S

Sprint

$6.41

-0.005 (-0.08%)

18:21
10/17/18
10/17
18:21
10/17/18
18:21
Hot Stocks
Sprint extends credits to Florida customers impacted by Hurricane Michael »

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  • 12

    Nov

TALO

Talos Energy

$29.85

-1.49 (-4.75%)

18:05
10/17/18
10/17
18:05
10/17/18
18:05
Hot Stocks
Talos Energy reaches pact with Hokchi to cross-assign interests »

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  • 06

    Nov

STLD

Steel Dynamics

$40.55

0.29 (0.72%)

18:05
10/17/18
10/17
18:05
10/17/18
18:05
Hot Stocks
Steel Dynamics CEO says 'delivered a tremendous third quarter performance' »

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  • 18

    Oct

STLD

Steel Dynamics

$40.55

0.29 (0.72%)

18:02
10/17/18
10/17
18:02
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18:02
Hot Stocks
Steel Dynamics CEO: We believe steel consumption will continue to be strong »

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  • 18

    Oct

STLD

Steel Dynamics

$40.55

0.29 (0.72%)

18:01
10/17/18
10/17
18:01
10/17/18
18:01
Earnings
Steel Dynamics reports Q3 adjusted EPS $1.69, consensus $1.64 »

Reports Q3 revenue $3.2B,…

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  • 18

    Oct

CRTO

Criteo

$23.00

-0.29 (-1.25%)

, RUBI

Rubicon Project

$3.77

-0.06 (-1.57%)

17:44
10/17/18
10/17
17:44
10/17/18
17:44
Periodicals
Advertising technology firm DataXu exploring sale, WSJ says »

DataXu, which offers…

CRTO

Criteo

$23.00

-0.29 (-1.25%)

RUBI

Rubicon Project

$3.77

-0.06 (-1.57%)

FUEL

Rocket Fuel

$0.00

(0.00%)

GOOG

Alphabet

$1,115.99

-4.12 (-0.37%)

FB

Facebook

$159.46

0.65 (0.41%)

03/08/13
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BTU

Peabody Energy

$36.09

-0.31 (-0.85%)

17:37
10/17/18
10/17
17:37
10/17/18
17:37
Hot Stocks
Peabody Energy increases quarterly dividend nearly 4% to 13c per share »

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BDN

Brandywine Realty

$14.56

-0.11 (-0.75%)

17:34
10/17/18
10/17
17:34
10/17/18
17:34
Earnings
Brandywine Realty sees FY19 FFO $1.37-$1.47, consensus $1.44 »

Sees FY17 EPS 36c-46c,…

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  • 18

    Oct

BDN

Brandywine Realty

$14.56

-0.11 (-0.75%)

17:33
10/17/18
10/17
17:33
10/17/18
17:33
Earnings
Brandywine Realty narrows FY18 FFO view to $1.36-$1.40 from $1.35-$1.41 »

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  • 18

    Oct

BDN

Brandywine Realty

$14.56

-0.11 (-0.75%)

17:32
10/17/18
10/17
17:32
10/17/18
17:32
Earnings
Brandywine Realty reports Q3 FFO 35c, consensus 35c »

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  • 18

    Oct

BPRN

Bank of Princeton

$30.75

-0.16 (-0.52%)

17:32
10/17/18
10/17
17:32
10/17/18
17:32
Hot Stocks
Bank of Princeton declares initial cash dividend of 3c per share »

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EBAY

eBay

$32.01

-0.25 (-0.77%)

, AMZN

Amazon.com

$1,832.81

14.81 (0.81%)

17:26
10/17/18
10/17
17:26
10/17/18
17:26
Periodicals
eBay sues Amazon, claims sellers were illegally poached, WSJ says »

eBay (EBAY) has filed a…

EBAY

eBay

$32.01

-0.25 (-0.77%)

AMZN

Amazon.com

$1,832.81

14.81 (0.81%)

03/08/13
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  • 17

    Oct

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  • 03

    Mar

OIS

Oil States

$29.77

-0.13 (-0.43%)

17:18
10/17/18
10/17
17:18
10/17/18
17:18
Earnings
Oil States sees Q3 revenue at low end of $273M-$298M, consensus $288.81M »

Oil States announced…

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INTC

Intel

$45.90

-0.03 (-0.07%)

17:15
10/17/18
10/17
17:15
10/17/18
17:15
Periodicals
Intel 'shakes up' manufacturing unit amid production missteps, Oregonian says »

Sohail Ahmed, who has…

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  • 22

    Oct

NOC

Northrop Grumman

$309.25

-2.87 (-0.92%)

17:15
10/17/18
10/17
17:15
10/17/18
17:15
Hot Stocks
Northrop Grumman awarded $697.03M Navy contract »

Northrop Grumman doing…

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  • 24

    Oct

  • 30

    Oct

CCK

Crown Holdings

$47.64

-0.25 (-0.52%)

17:14
10/17/18
10/17
17:14
10/17/18
17:14
Hot Stocks
Crown Holdings CEO says Q3 performance 'solid' »

Commenting on the…

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  • 18

    Oct

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