Health insurer UnitedHealth Group (UNH) is scheduled to announce its third-quarter earnings on October 28. Ahead of the results, Piper Sandler analyst Jessica Tassan boosted the price target for UNH stock to $423 from $280 and reiterated a Buy rating, expressing confidence in UNH’s ability to “execute against outstanding guidance.”
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UNH stock has declined more than 28% year-to-date due to several headwinds, including high medical costs, mainly in the company’s Medicare Advantage (MA) business, and a Department of Justice (DOJ) probe.
Meanwhile, Wall Street expects UNH to report earnings per share (EPS) of $2.82 for Q3 2025, reflecting about a 61% year-over-year decline. Revenue is expected to grow by 12% to $113.04 billion.
Piper Sandler Analyst Is Bullish on UNH Stock Ahead of Q3 Earnings
Tassan updated her UnitedHealth margin estimates to reflect better visibility into the earnings power of the company’s insurance segment. Interestingly, Tassan believes that UnitedHealth “acted presciently and decisively” by lowering its 2025 earnings guidance and providing a framework for 2026 during the Q2 earnings call in July. The company cited trend pressures across its Medicare, Commercial, and Medicaid businesses as the reason for the lowered guidance. The analyst thinks that UNH made “adequate accommodations for adversity” in both the lowered 2025 outlook and the preliminary 2026 framework.
Additionally, Tassan noted that this week’s Q3 reports from peers Elevance Health (ELV) and Molina Healthcare (MOH) reflect a trend, pricing, and policy environment that she believes UNH already anticipated and planned for. The analyst expects UNH to execute against “outstanding guidance,” deliver adjusted EPS of $16.25 this year, and return to a double-digit earnings CAGR (compound annual growth rate) after what she considers a trough in 2025.
Recently, Goldman Sachs initiated a Buy rating on UNH, while Truist increased its price target for the health insurer’s stock, reflecting growing optimism among Wall Street analysts about improvements in the company’s prospects in the times ahead.
Is UNH Stock a Good Buy Now?
Currently, Wall Street has a Moderate Buy consensus rating on UnitedHealth stock based on 18 Buys, two Holds, and two Sell recommendations. The average UNH stock price target of $360.14 indicates that shares are fully priced at current levels.
