Analyst Note
| Julie Utterback, CFA |Centene turned in solid first-quarter results, and management mildly increased its guidance for 2021. While we may tinker with our top-line estimates, our bottom-line expectations are still slightly above management's outlook, so we do not anticipate changing our $85 fair value estimate based on this announcement. In the long run, we believe Centene's prospects in government-sponsored health insurance programs remain strong, which helps support its narrow moat rating.