ANTM - Anthem pares losses after Cantor Fitzgerald reiterates overweight rating

Despite a loss of ~7.2% yesterday, Anthem (ANTM) is trading higher in the premarket as Cantor Fitzgerald analyst Steven Halper reiterates the stock’s overweight recommendation noting that despite the lower 2021 outlook, the share sell-off is overdone.The price target is maintained at $360 per share implying ~21.2% upside to the previous close, and the analyst notes ‘at about 12x our revised 2021 adjusted EPS estimate, the shares remain attractive.’The company reported Q4 2020 earnings yesterday, with quarterly revenue rising ~16.2% YoY to beat the consensus.Viewing Q4 2020 print as solid, Steven Halper notes Anthem’s adjusted EPS outlook stands below their estimate and FactSet consensus with lower guidance hurting the shares.However, as the company expects a moderation of headwinds in 2022, the analyst argues, ‘we expect the company to return to its long-term bottom-line growth target of 12-15% in 2022.’

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Anthem pares losses after Cantor Fitzgerald reiterates overweight rating