UPDATE 1-Lehman downgrades WellPoint

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March 28 (Reuters) - Lehman Brothers downgraded WellPoint Inc (WLP.N: Quote, Profile, Research), the largest U.S. health insurer by membership, saying the company had seen a significant amount of management turnover and it believed there was more to follow.

The brokerage kept its "neutral" rating on the managed-healthcare sector.

Analyst Joshua Raskin downgraded WellPoint to "equal-weight" from "overweight" and said he believes a second outlook cut by the company in the next six months is likely.

After WellPoint slashed its 2008 profit forecast, several companies including Coventry Health Care Inc (CVH.N: Quote, Profile, Research) and Amerigroup Corp (AGP.N: Quote, Profile, Research) had reduced their outlook.

Raskin said certain companies have explicitly reduced forecasts for various reasons that can be considered company-specific and he expects a few more companies to lower earnings outlook.

The managed-care industry is clearly maturing, suggesting lower rates of growth, Raskin said in a note to clients. Following are some of the price target changes: Company Price target Thursday close

CURRENT PRIOR Aetna (AET.N: Quote, Profile, Research) $53 $68 $43.25 Cigna (CI.N: Quote, Profile, Research) $50 $61 $41.62 UnitedHealth (UNH.N: Quote, Profile, Research) $46 $41 $34 Coventry Health (CVH.N: Quote, Profile, Research) $53 $67 $41.17 WellPoint (WLP.N: Quote, Profile, Research) $50 $62 $44.85 (Reporting by Jennifer Robin Raj in Bangalore; Editing by Vinu Pilakkott)