UPDATE: Citigroup Downgrades Humana to Neutral, Raises PT on Uncertainty Ahead

In a report published Thursday, Citigroup analyst Carl McDonald downgraded the rating on Humana HUM from Buy to Neutral, but raised the price target from $87.00 to $95.00. In the report, Citigroup noted, “We think there's upside to Humana's 2013 guidance, but so does everyone else. For 2014, the view is murkier. It's possible earnings grow modestly next year, but it seems more likely that earnings are flat to down in 2014. That earnings set up, coupled with what could be another difficult reimbursement year in 2015, will likely make it difficult to argue Humana deserves to trade at something closer to a market multiple.” Humana closed on Wednesday at $91.26.