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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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April 15, 2014
16:31 EDTMGLNMagellan Health and customer agree to amend contract
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April 14, 2014
15:01 EDTMGLNMagellan Health extends contract with 'significant' customer
Magellan Health disclosed in a regulatory filing that as disclosed in the Magellan Health Services, Form 10-K, filed on March 3, the Company has a contract with one of the significant customers in its Specialty Solutions segment with a term ending Janaury 31, 2015 which generated revenue of $47.3M for the year ended December 31. On April 9, the company and this customer agreed to extend this contract through January 31, 2016
April 8, 2014
09:23 EDTMGLNLeerink views final rates as favorable for MA plans
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