UPDATE: Wedbush Lowers PT on Molina Healthcare to $30

Wedbush is out with its report today on Molina Healthcare MOH, lowering its PT from $45 to $30. In a note to clients, Wedbush writes, "Overall, we believe Molina is favorably positioned going into some of the upcoming RFPs as it is a new or recent entrant in a number of cases; this compares to incumbent peers who are exposed to the risk of losing share as more insurers enter the market. Our PT of $30 is 18.6x our updated 2011E of $1.63." Wedbush maintains Outperform on MOH. Shares of MOH closed Monday at $25.69.