Bank of America Upgrades Magellan Health Services to Buy (MGLN)
Magellan Health Services (NASDAQ: MGLN) was upgraded by equities researchers at Bank of America (NYSE: BAC) from a “buy” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $44.00 target price on the stock, down from their previous target price of $52.00.
Shares of Magellan Health Services opened at 43.51 on Wednesday. Magellan Health Services has a 52 week low of $41.10 and a 52 week high of $56.76. The company has a market cap of $1.188 billion and a P/E ratio of 11.10.
Magellan Health Services last announced its earnings results on Friday, April 27th. The company reported $0.75 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.90 by $0.15. The company’s quarterly revenue was up 11.6% on a year-over-year basis. On average, analysts predict that Magellan Health Services will post $1.03 earnings per share next quarter.
Separately, analysts at Barclays Capital (NYSE: BCS) reiterated an “overweight” rating on shares of Magellan Health Services in a research note to investors on Monday, April 30th.
Magellan Health Services, Inc. (Magellan) is engaged in the specialty managed healthcare business. The Company provides services to health plans, insurance companies, employers, labor unions and various governmental agencies.