BofA analyst Kevin Fischbeck lowered the firm’s price target on Humana to $520 from $640 and keeps a Buy rating on the shares after the company yesterday “surprised investors” by meaningfully revising down its expectations for 2023. While Humana believes it priced “prudently” into 2024, and is seeing below average enrollment growth as a result, it warned that if current utilization trends continue, the impact could be “material,” noted that analyst, who lower estimates and the firm’s price target with 2024 numbers at risk. However, while the industry mispriced 2024, the market is “acting like it can’t be fixed” and the firm cites Humana’s strong growth profile in 2025-plus in reiterating its Buy rating on the shares.
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