UnitedHealth price target lowered to $390 from $501 at Wolfe Research

Wolfe Research analyst Justin Lake lowered the firm’s price target on UnitedHealth (UNH) to $390 from $501 and keeps an Outperform rating on the shares. The firm cut estimates after the company pulled its guidance. Wolfe, however, is confident UnitedHealth can recover margins in its $190B Medicare Advantage segment. It looks for signs of stabilization and improvement at Optum Health “as the key swing factor to stock performance going forward.”