UnitedHealth price target lowered to $605 from $615 at Stephens

Stephens lowered the firm’s price target on UnitedHealth to $605 from $615 and keeps an Overweight rating on the shares. As the calendar flips to 2024, investors will “remain squarely focused” in the near-term on utilization trends in the Medicare complex, says the analyst, who notes that UnitedHealth called out continued elevated core Medicare utilization along with higher-than-expected seasonal impacts from RSV and COVID, particularly in December. The firm’s trimmed target reflects the higher cost trends exiting 2023, noted the analyst.