KeyBanc lowered the firm’s price target on UnitedHealth (UNH) to $450 from $575 and keeps an Overweight rating on the shares. The firm says the company’s CEO transition was not surprising given the magnitude and pace of challenges impacting UnitedHealth over the past 12 months. However, the guidance suspension was surprising, primarily reflecting a further acceleration in physician/OP costs, KeyBanc adds.
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