UPDATE: Credit Suisse Reiterates Outperform, Raises Price Target On Aetna Following Investor Meetings

Courtesy of Benzinga.

In a report published Monday, Credit Suisse analyst Ralph Giacobbe reiterated an Outperform rating on Aetna Inc. (NYSE: AET), and raised the price target from $103.00 to $112.00.

In the report, Credit Suisse noted, “We recently hosted investor meetings with AET mgmt including CEO Mark Bertolini and CFO Shawn Guertin through London. Meetings were generally upbeat with discussion around continuation of muted underlying cost trend, growth opportunities stemming from public/private exchange and MA, optimism around M&A, and longer-term positioning of the company/industry. We remain comfortable/confident in our estimates with an upward bias to numbers, and view valuation as attractive at 12.3x our 2016 EPS, the cheapest in the group. We reiterate our Outperform rating and are raising our target price to $112 (from $103); AET remains our top pick in Managed Care and is on the Credit Suisse Focus List.”

Aetna closed on Friday at $97.92.

Posted-In: Credit Suisse Ralph GiacobbeAnalyst Color Price Target Analyst Ratings