UnitedHealth star data better than some feared, says JPMorgan

JPMorgan analyst Lisa Gill keeps an Overweight rating on UnitedHealth (UNH) after the company announced that based on preliminary data, it will have 78% of its Medicare Advantage membership in 4-plus star plans. This is consistent with UnitedHealth’s 2026 star enrollment and is likely better than some investors feared, the analyst tells investors in a research note. The firm says that while there remain areas where cut-points could change more meaningfully, today’s news “is at least a modest positive.”