HSBC downgraded UnitedHealth to Reduce from Hold with a price target of $480, down from $550. The year of U.S. elections “often can be a source of angst for Biopharma investors,” says the firm, which thinks 2024 will see a heated debate on the impact of drug pricing on the Biopharma industry’s earnings power. In addition, capital allocation and growth beyond patent cliffs is “the second big question the market might have to grapple with is around,” the analyst said in a sector note on Biopharma’s key debates for 2024. For United Health, the firm believes regulatory risk has increased and is posing a headwind to margins.
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