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December 31, 2012
10:48 EDTMGLNMagellan Health lost Horizon contract in New Jersey, says Citigroup
Citigroup notes that this morning, Magellan Health announced loss of its contract with Horizon Blue Cross Blue Shield in New Jersey. Citi estimates contract will generate $193M in revenue in 2012, down from a peak of $243M in 2010. The firm points out the current contract does not expire until the end of 2013, so Magellan's earnings won't be pressured until 2014. Citi lowered its 2014 earnings estimate for Magellan to $4.35 from $5.00, but keeps a Buy rating on the stock with a $58 price target.
News For MGLN From The Last 14 Days
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October 6, 2015
14:45 EDTMGLNMagellan Health risk/reward balanced at current levels, says Raymond James
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09:48 EDTMGLNMagellan Health Florida program can still be profitable, says Jefferies
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08:14 EDTMGLNMagellan 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.
08:12 EDTMGLNMagellan Health sees 3% lower blended rates for unit due to AHCA rate change
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