UnitedHealth Results In-Line With Expectations
We are reiterating our fair value estimate and narrow moat rating for the managed-care firm.
There were no major surprises for
From our perspective, we believe secular growth trends within the health insurance market will largely be driven by the higher-cost Medicare and Medicaid cohorts. The members that make up this risk pool tend to skew older and sicker, and thus, usually carry a materially high level of medical costs. With this shift in membership growth, we believe it’s essential for United to control its operating costs.
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United States