On July 21, UnitedHealth rose 3.01% in regular trading, trading at $434.24/share, with turnover of $720 million. The stock continued to gain momentum as Wall Street firms collectively raised their target prices following the company's strong Q2 earnings report.
On the day, Mizuho raised its target price from $470 to $493, while Barclays raised its target to $441. Earlier, Morgan Stanley significantly raised its target to $529, Bank of America to $512, Jefferies to $490, Piper Sandler to $499, and RBC to $478. The consensus mean target price now stands at approximately $477.80 according to FactSet.
The upgrades follow UnitedHealth's Q2 results released on July 16, which showed adjusted EPS of $6.38, beating the consensus estimate of $4.86 by over 31%. Revenue came in at $112 billion, also exceeding expectations. The company simultaneously raised its full-year adjusted EPS guidance to $19.50-$20.00, well above the prior outlook of greater than $18.25 and the Street consensus of $18.49. Management also announced plans for at least $5 billion in share repurchases for the full year.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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