The firm upgraded shares of the health care giant to buy from neutral and raised its target price to $640 from $520.
UBS' forecast implies roughly 19% upside from Friday's $539.40 close. Analyst AJ Rice labeled the stock as "a core holding available at a reasonable price" and said headwinds from earlier in the year that pressured the stock, including worry over elevated medical costs for seniors, have largely subsided . "We believe that the strong Q3 release from UNH is a clearing event that should pave the way for improved valuation for the stock," Rice said.
The company posted a third-quarter beat on the top and bottom line on Friday, driven in part by sharp growth in its Optum business. Shares popped more than 2% following the results. On Monday, the stock rose slightly before the bell. Rice added that Medicare Advantage programs will remain an essential driver for UnitedHealth, as enrollment growth is already trending near 10% for the year, he said.
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