UPDATE: Wedbush Raises PT on WellPoint to $83

Wedbush is out with its report today on WellPoint WLP, raising its PT from $80 to $83. In a note to clients, Wedbush writes, "Our new price target of $83, which represents 11x our new estimate of $7.55, reflects a better earnings outlook. We believe multi-line managed care plans will see a multiple expansion in 2011 due to decreased uncertainty on healthcare reform." Wedbush maintains Neutral on WLP. Shares of WLP closed Wednesday at $76.68.