Humana price target lowered to $146 from $174 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Humana (HUM) to $146 from $174 and keeps an Underweight rating on the shares. While management emphasized it was taking a conservative approach to 2026 guidance and explicitly embedding a higher than normal margin of safety to reflect Stars volatility, the firm sees funding uncertainty and the scale of the 2026 membership cohort as risk factors that remain, particularly heading into 2027 and beyond.