UnitedHealth downgraded to Hold from Buy at TD Cowen

TD Cowen downgraded UnitedHealth (UNH) to Hold from Buy with a price target of $308, down from $520. The v28 risk model is disproportionally impacting UnitedHealth given its outsized risk adjustment factor scores versus the industry, the analyst tells investors in a research note. UBS says accelerating Medicare Advantage activity with potential acceleration in commercial and Medicaid “further complicates the story.” The Wall Street Journal report of a criminal investigation “adds further uncertainty,” contends TD.