Analyst Note
| Julie Utterback, CFA |Centene turned in solid fourth-quarter results, in our opinion, and management maintained its adjusted EPS guidance for 2021 that was given at its December investor day. We do not anticipate changing our $85 fair value estimate based on these results and near-term guidance. In the long run, we believe Centene's prospects serving individuals in government-sponsored health insurance programs remain strong, which helps support our narrow moat view for the company.