Humana price target raised to $254 from $182 at Piper Sandler

Piper Sandler raised the firm’s price target on Humana (HUM) to $254 from $182 and keeps a Neutral rating on the shares following Q1 medical loss ratio beat where Medicare Advantage performance was consistent with to slightly better than plan, in new and tenured membership. Humana is closely monitoring admissions, discharge, and transfer, pharmacy, authorization and claims data, the firm notes. As of April 29, April trend appears stable. While Piper remains unsure of the reiterated 2026 MLR and adjusted EPS guide, the firm estimates that Humana has 560 BPS of Individual MA margin expansion available across 2027-2028.