Stephens raised the firm’s price target on Molina Healthcare (MOH) to $345 from $335 and keeps an Equal Weight rating on the shares. The firm notes that against the backdrop of Elevance Health’s (ELV) sharply cautious Q3 Medicaid market framing, Molina’s on track Q3 EPS results and 2024 reaffirmed guidance stimulated a post-print relief rally in shares. While Molina acknowledged Medicaid and Medicare MLR pressures, the company seemingly pulled all operational levers available across the P&L to maintain 2024 guidance, Stephens adds.
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