Upgrade Alert for Centene (CNC)
Centene (NYSE:CNC) was upgraded from Equal Weight to Overweight at Morgan Stanley today. The stock closed yesterday at $70.66 on volume of 2.0 million shares, below average daily volume of 4.1 million.
Centene share prices have moved between a 52-week high of $83.00 and a 52-week low of $47.36 and closed yesterday at 49% above that low price at $70.66 per share. 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%.
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.
Centene has overhead space with shares priced $70.66, or 14.1% below the average consensus analyst price target of $82.21. The stock should find initial support at its 200-day moving average (MA) of $61.11 and further 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 8.8%. 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