Molina Healthcare price target lowered to $312 from $348 at Jefferies

Jefferies analyst David Windley lowered the firm’s price target on Molina Healthcare (MOH) to $312 from $348 and keeps a Hold rating on the shares. After “extensive analysis” of ACA Exchange data, the firm sees potential for “Redetermination 2.0” as the Centers for Medicare and Medicaid Services tightens oversight and enhanced subsidies expire, the analyst told investors in a note published before the open. The firm, which noted that its “cautious HIX market view applies most” to Oscar Health (OSCR) and Centene (CNC), also lowered its targets on Elevance (ELV) and Molina, noting that its base case view is for 28% membership and greater than 50% EBIT declines across the ACA Exchange industry from 2024-2027.