"We believe that the company's comprehensive suite of solutions, along with its deep relationships with state governments, have positioned it well to procure new business opportunities in the future," Barclays noted.
Centene estimated that if the company wins no new business, 2016 revenue would be at least $24 billion, or up more than 14% from current 2015 guidance, according to the analyst note.
Additionally, Barclays raised its 2015 earnings estimate to $2.75 per share from $2.65, and its 2016 estimate to $3.25 earnings per share from $3.10.
Centene is a healthcare company that offers government-sponsored healthcare programs by assisting in accessing care, coordinating referrals to related health services, and providing education and outreach programs.
Shares of Centene are down 0.25% to $75.20 in morning trading on Monday.
Separately, TheStreet Ratings team rates CENTENE CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CENTENE CORP (CNC) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, notable return on equity and solid stock price performance. We feel its strengths outweigh the fact that the company shows low profit margins."