Citi On CNC 1Q11 EPS

Citi has issued a report on the 1Q11 EPS reported by Centene CNC. According to the report, "Centene beat consensus by $0.04 per share, despite a delay in revenue recognition associated with the new Mississippi contract — Centene included admin expenses associated with the new Mississippi contract, which we estimate reduced results by around $0.08 per share, but no revenue or medical expense, since the contract is still awaiting CMS approval." CNC is Buy rated and has a $35 Price Target. CNC closed at $32.15 a share yesterday.