WellCare price target raised to $345 from $320 at BMO Capital

BMO Capital analyst Matt Borsch raised his price target on WellCare to $345 to reflect the potential organic upside for FY18 EPS as well as the accretion from its Meridian acquisition in FY19-FY20. The analyst maintains his view of the deal as a “very good strategic fit” to match WellCare’s expansion objectives, adding that its recent Medicaid wins in Illinois and Michigan also gives WellCare a leading market position in 6 states. Borsch kept his his Outperform rating on the shares, forecasting its core business growth rate to be sustained at over 15%.
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