TD Cowen cuts UnitedHealth PT ahead of Q3 results

UnitedHealth Incorporated

09/10/2026 11:23

** TD Cowen cuts UnitedHealth's UNH.N PT to $402 from $430 ahead of Q3 results due October 13
** Brokerage says consensus Q3 medical loss ratio of 89.9% and EPS of $4.12 look "more than achievable"
** Notes recently released Medicare Star ratings declined as expected, estimating a $1.5 billion revenue headwind in 2028
** New price target represents a 6.9% upside to the stock's last close
** "We also expect management to touch on initial expected 2027 MA enrollment growth, with a likely emphasis on prioritizing margin over enrollment growth," brokerage adds
** Leaves earnings estimates unchanged but lowers valuation multiple, resulting in the reduced price target
** Twenty-three of 29 brokerages rate the stock "buy" or higher, six "hold"; their median PT is $483.82 - LSEG data
** As of last close, stock up 12.3% YTD 

(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))