Citigroup lowers its price target on Buy-rated Molina Healthcare MOH from $58 to $51 following the loss of the Ohio Medicaid contract.
Citigroup comments, "We are lowering our 2013 earnings estimate by $0.55 per share — The
change reduces our projection from $2.15 to $1.60 per share, reflecting the loss of the Ohio Medicaid contract. Our 2014 EPS projection drops by $0.70, to $2.80. The earnings hit in 2014 is slightly worse, reflecting the fact that Molina will no longer benefit from the federal Medicaid expansion in Ohio in 2014."
MOH closed at $35.01 on Friday.
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