12:50 PM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price at $80, based on an 11.7x multiple of our 2024 EPS estimate, in line with CNC's historical forward average. We raise our 2024 EPS estimate by $0.10 to $6.85 and 2025's by $0.05 to $7.58. CNC posted Q1 adjusted EPS of $2.26 vs. $2.11, beating the S&P Capital IQ consensus estimate by $0.18. Sales of $40.4B in Q1 (up 4% year-over-year) exceeded our expectations driven by strong performance by the commercial business, which grew from 3.9 million marketplace members at year-end 2023 to 4.3 million by the end of Q1, as well as strong growth from the Medicare prescription drug plan (PDP). We anticipate membership will level off at around 4.3 million in Q2. Given the strong first quarter, CNC was able to increase its 2024 adjusted EPS guidance to greater than $6.80, lifted by $0.10, which we think should be achievable.