UPDATE: Monness Crespi Hardt Upgrades WellPoint to Buy, Names $90 PT on 1Q13 Results

In a report published Thursday, Monness Crespi Hardt analyst Brian Wright upgraded the rating on WellPoint (NYSE: WLP) from Neutral to Buy, and named a $90.00 price target.

In the report, Wright noted, “While acknowledging the robust results for the quarter, guidance presumes reversion in utilization from 1Q13 levels. However, should 1Q13 trends continue WLP noted that its 7% plus or minus 50 bps cost trend outlook would be at the lower half of that range. The at least $7.80 outlook for '13 also includes $300 million in investment spending slated mostly for 2H13 that could come in depending on a strategic review of the units' plans. The Medicare Advantage (MA) business is slated for $150 million in investments that could be curtailed due to the challenging '14 MA rates.”

WellPoint closed on Wednesday at $73.33.