Coventry Health Care shares a bargain-Barron's

NEW YORK, July 4 (Reuters) - Shares of Coventry Health Care (CVH.N) have plunged 30 percent since Congress passed healthcare reform legislation in March, creating an opportunity for intrepid investors, said Barron's in its July 5 edition.

Coventry shares fetched over $60 each at the start of 2008, and now cost just $17 each. Analyst Dave Shove of BMO Capital Markets told Barron's he expects the share price to jump back up to $32 this year.

Investors have praised Coventry chief executive Allen Wise for buying underperforming health plans and boosting their profitability. The company recently bought Preferred Health Systems and last week announced plans to buy Mercy Health Plans, said Barron's.

Coventry has also been able to raise prices faster than its peers because it had been underpricing policies, Shove told Barron's. (Reporting by Helen Kearney; Editing by Marguerita Choy)