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Upgrade Alert for Centene (CNC)

By Nick Russo

Centene (NYSE:CNC) was upgraded from Equal Weight to Overweight at Barclays Capital today. The stock closed yesterday at $69.22 on volume of 2.7 million shares, below 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, shares of Centene have traded between a low of $47.36 and a high of $83.00 and closed yesterday at $69.22, which is 46% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.7%.

Potential upside of 18.8% exists for Centene, based on a current level of $69.22 and analysts' average consensus price target of $82.21. The stock should discover initial support at its 200-day moving average (MA) of $61.11 and subsequent support at its 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 7.6%. 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

Ticker(s): CNC