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Jefferies maintains its Buy rating on UnitedHealth Group Inc.
UNH and raises its price target to $60 from $58 following an upbeat investor day showing long term growth opportunities.
Jefferies says, “2013 is a "Break-Out" Year. Management called '13 the break-out year for Optum when OptumRx investments diminish and Medco comes on-line. We are more confident in UNH's accelerating EPS growth toward its LT target of 13-16%. UNH is positioned to address a growing MA population, Medicaid RFPs, dual eligibles ($300bn), and the exchanges ($60bn in 2014).”
In a statement provided to Benzinga for clarification, the reference of Medco coming "on-line" is defined as Medco's pharmacy benefit services being brought in-house. As quoted from
this article from the Associated Press, "UnitedHealth will spend $115 million on its OptumRX business next year, as it prepares to handle pharmacy benefits it used to give to Medco Health Solutions, Inc."
UNH closed at $45.88 per share on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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