In a report published Friday, Sterne Agee analyst Brian Wright initiated coverage on UnitedHealth Group UNH with an Underperform rating and $80.00 price target.
In the report, Sterne Agee noted, “While the premier company in the industry, even the best have rough patches and we believe this recent rough spell will likely continue in part for the next 12 months. Commercial pricing pressure is being more acutely felt by UnitedHealth, and we believe the number of states cited as competitive is likely to increase and wouldn't be surprised if Texas were added to the list. We believe TX could be added to a likely growing list of states where commercial risk pricing is described as competitive or irrational. We are referencing the fact that the parent company of the local BCBS plan in the state has been recently sued for having what the plaintiffs consider to be overly robust statutory capital positions.”
UnitedHealth Group closed on Thursday at $82.29.
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