Magellan Health Florida rate significantly lower than expected, says Leerink Leerink analyst Ana Gupte calls the final rate released by the Florida Medicaid Agency as significantly lower than expected for Magellan Health (MGLN). Gupte sees 10c-20c in earnings per share downside for FY15 and 30c-60c downside in FY16. The rate disappointment is Magellan-specific as Centene (CNC) indicated that the rate increase for it is in line with its expectation, the analyst tells investors in a research note. The rate disappointment is also an additional 2016 headwind for Magellan after the Iowa contract, she adds. The analyst keeps a Market Perform rating on Magellan.