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Bank of America maintains its Buy rating and $39 price target on Coventry Health Care, Inc.
CVH as the company significantly raised its share repurchase authorization on Saturday.
BofA notes, “CVH announced that its Board has increased its share repurchase authorization by 14.4m shares (10% of shares). Combined with the share repurchase authorization remaining as of September 30, CVH now has authorization to repurchase close to 14% of its shares. Importantly, our estimates only assume that CVH repurchases less than 1% of its shares through the end of 2012. … Every $100m of share repurchase adds $0.08 to EPS (2.5% of 2012E) at the current stock price.”
CVH closed at $30.08 per share on Friday, down 0.07 percent.
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