Deutsche Bank Maintains Hold on Centene

Deutsche Bank is out with its report today on Centene CNC, maintaining Hold. In a note to clients, Deutsche Bank writes, "CNC held an investor day in NY to provide an update on the Medicaid market outlook and business operations. CNC now sizes the 2011-2013 business pipeline for Medicaid MCOs at over $62 billion including over $22 billion already in-process for 2011. CNC expressed "high confidence" that it should achieve its 15% growth target in 2012 although trimmed the DCP target range to 40-45 days from 43-48 days citing faster claims payment cycle times. We nudge up EPS ests although maintain Hold rating with shares within 6% of our price target." Deutsche Bank maintains a $36 PT on CNC. Shares of CNC closed Tuesday at $33.95, up 2.38% from Monday's close.