Downgrade Alert for Centene (CNC)
Centene (NYSE:CNC) was downgraded from Outperform to Market Perform at Leerink today. The stock closed yesterday at $65.30 on volume of 5.2 million shares, above average daily volume of 4.1 million.
Centene Corporation is a multi-line managed care organization that provides Medicaid and Medicaid-related programs. The Company has health plans in several states. The Company also provides specialty services, including behavioral health, nurse triage, and treatment compliance.
In the past 52 weeks, Centene share prices have been bracketed by a low of $47.36 and a high of $83.00 and closed yesterday at $65.30, 38% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.7%.
Centene (NYSE:CNC) has potential upside of 25.9% based on a current price of $65.30 and analysts' consensus price target of $82.21. Centene shares have support at the 200-day moving average (MA) of $61.11 and additional support at the 50-day MA of $60.39.
SmarTrend recommended that subscribers consider buying shares of Centene on May 31st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.30. Since that recommendation, shares of Centene have risen 10.1%. We continue to monitor CNC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades centene