Centene hit with downgrades

Deutsche Bank cut its price target on managed health care provider Centene (CNC) to 38 from 40 after the company lowered its full-year EPS guidance by 77%. The revised guidance "capped off a brutal year for the company from an earnings perspective," Deutsche Bank said in a client note. The bank kept a hold rating on its stock. Jefferies, however, downgraded Centene to hold from buy and lowered its price target to 41 from 46, saying the stock is likely to tread water for most of '13. Centene shares fell 1.5%.