Oscar Health upgraded to Overweight at Piper after Miami-Dade deep dive

As previously reported, Piper Sandler analyst Jessica Tassan upgraded Oscar Health (OSCR) to Overweight from Neutral with a price target of $25, up from $13. Following a deep dive into benefit design, pricing and broker strategy in Miami-Dade, Oscar’s largest county, the firm believes Oscar can concurrently grow share and profitability in a scenario where E-APTCs expire at the end of calendar 2025. The firm considers calendar year 2027 adjusted EBITDA of $404M to be “the floor,” the analyst tells investors.