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Fly News Breaks for June 20, 2016
Jun 20, 2016 | 08:29 EDT
Cowen raised its price target on Centene (CNC) to $77 from $70 citing its synergy efforts with Health Net (HNT). The firm expects margin and membership growth in 2017, but views 2018 as the more significant growth year as the company enters new Medicare Advantage markets. Cowen reiterated its Outperform rating on Centene shares.
News For CNC;HNT From the Last 2 Days
Feb 20, 2019 | 12:49 EDT
SVB Leerink analyst Ana Gupte says a takeout of Magellan Health (MGLN) "would be reasonable" up to $90 per share based on a sum-of-the-parts analysis. The stock in midday trading is up 10% to $71.28 after Reuters reported that the company is working with Goldman Sachs to gauge takeover interest. Activist hedge fund Starboard Value, which owns a 9.8% stake in Magellan, is likely to be pushing for a management shake-out, margin turnaround and eventual takeout by a strategic buyer such as Centene (CNC), Anthem (ANTM), UnitedHealth (UNH), WellCare (WCG) or Humana (HUM), Gupte tells investors in an intraday research note. The analyst suspects strategic buyers could pay a 25%-35% premium toward a takeout price of $90 to $95 per share post a margin turnaround. Gupte has a Market Perform rating on Magellan Health.