UnitedHealth price target raised to $418 from $405 at JPMorgan

JPMorgan analyst Lisa Gill raised the firm’s price target on UnitedHealth (UNH) to $418 from $405 and keeps an Overweight rating on the shares. The firm revised estimates after meeting with management. The firm we expects lower Medicare Advantage enrollment growth for 2025 and 2026 as it believes UnitedHealth will look to manage enrollment and potentially exit unprofitable plans in 2026. If the company reaches the low end of its 3%-5% margin target range in Medicare Advantage, there is a path to meaningful upside versus consensus estimates, the analyst tells investors in a research note. JPMorgan’s base case is that UnitedHealth does not reach the lower end of its 3%-5% range in 2026, although it notes “management has spoken to that aspiration in 2026.”