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Centene shares rise after Wedbush maintains Outperform on stock

Last updated: 15:51 26 Apr 2016 EDT, First published: 10:51 26 Apr 2016 EDT

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Centene is healthy says Wedbush

Centene Corp (NYSE:CNC) shares rose more than 6% on Tuesday after it remained an Outperform with a 12-month price target of $80 in the latest Wedbush broker note.

The multi-line healthcare enterprise that provides services to government healthcare programmes was noticed by Wedbush to have traded up in a relief rally after the bear case of a large reserve true-up was de-bunked.

"Reserve estimates are still provisional but any further update is expected to be a balance sheet not a P&L item. The integration is on track and we believe the near term rfp pipeline continues to heat up which could drive multiple expansion for the Medicaid group including Centene," Wedbush brokers said.

Wedbush said the 2017 set up continues to get more positive.

Centene shares were up 6.4% at $66.86 on Tuesday.
 

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