Humana updates outside of star ratings positive, says Mizuho

Mizuho says Humana’s (HUM) 2026 star ratings update yesterday was disappointing while the other updates were positive. The company expects 20% of current members are enrolled in plans rated 4.0-plus stars or higher for 2026 versus 25% in 2025, the analyst tells investors in a research note. However, more importantly, Humana reaffirmed its 2025 earnings outlook reiterated the long-term earnings plan which was provided at the investor day in June, adds Mizuho. It keeps an Outperform rating on the shares with a $300 price target