Morgan Stanley is updating the top pick in the analyst’s coverage to UnitedHealth (UNH), replacing Cigna (CI). While the analyst remains constructive on Cigna and keeps an Overweight rating on its shares, UnitedHealth’s diversification provides more immunity to potential recent PBM regulatory and recession risks, the analyst argues. In addition, the firm cites UnitedHealth’s Medicare Advantage competitive positioning into 2024 and the power of OptumHealth in driving future earnings growth. Morgan Stanley has an Overweight rating and $587 price target on UnitedHealth shares.
Published first on TheFly
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