JPMorgan analyst Gary Taylor upgraded Humana (HUM) to Overweight citing an improving view of the company's underlying earnings power, which he believes provides greater downside protection in the event the Aetna (AET) acquisition is blocked.
The downside protection provides greater confidence to chase the current 20% upside from the outstanding $224 per share Aetna takeout offer, Taylor tells investors in a research note.
He raised his price target for Humana shares to $202 from $163. The stock closed yesterday up $6.97 to $186.00.
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