Centene price target lowered to $91 from $93 at Wells Fargo

Wells Fargo lowered the firm’s price target on Centene to $91 from $93 and keeps an Overweight rating on the shares. While incremental Medicaid pressure – with the firm estimating Medical Loss Ratio at 93.4% vs. 92.2% – is likely to push out margin recovery, not much changes for the company’s earnings growth trajectory, the analyst tells investors in a research note.