WellCare price target raised to $360 from $265 at Argus

Argus analyst David Toung raised his price target on WellCare to $360 and kept his Buy rating, saying the company’s acquisition of Meridian is a reflection of its “expansion mode”. The analyst also raised his FY19 EPS view to $12.60 from $12.00, stating that WellCare’s growth opportunities from its M&A strategy justifies its premium valuation of 24.1-times his expected forward earnings – above the peer average of 19.0-times. Toung maintains that WellCare will continue to grow through acquisitions, increased Medicare Advantage coverage, and new contract awards
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