As previously reported, Wells Fargo downgraded Universal Health (UHS) to Equal Weight from Overweight with a price target of $235, down from $259. For managed care organizations, the firm is most constructive on Medicare Advantage with uncertainty high for Medicaid/Exchanges. Wells sees a more difficult backdrop for hospitals in 2026 as post-COVID tailwinds wane and legislative risks near. Distributor debate remains revisions vs. multiples.
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