MOH - Upbeat Investor Day Highlights 2029 Targets, Detailed Road To Recovery - Raising FY27 Estimates, Target Upped

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MOH - Upbeat Investor Day Highlights 2029 Targets, Detailed Road To Recovery - Raising FY27 Estimates, Target Upped

Truist Securities

Equity Research Report May 11, 2026

HEALTHCARE: Managed Healthcare Molina Healthcare, Inc. (MOH)

MOH - Upbeat Investor Day Highlights 2029 Targets, Detailed Road David S. MacDonald

617-646-5033 To Recovery - Raising FY27 Estimates, Target Upped

David.Macdonald@truist.com

Clarke Murphy We maintain our Hold rating post an upbeat I-Day where MOH laid out its path to a 2029

617-646-5032 outlook including a ~15% premium CAGR and $25 EPS target based on what we view as

Clarke.Murphy@truist.com prudent/quite reasonable assumptions around both growth and margin recovery with 2027

targets ahead of our thinking. While medical trends and adequate rates to match are key, we

Grayson McAlister see attractive avenues of opportunity across the platform and embedded earnings remain

404-836-4742 sizable (though lowered). Our 2026E EPS is unchanged with our 2027E EPS raised to reflect

Grayson.McAlister@truist.com higher assumed premium revenue and embedded earnings capture next year. We maintain

our Hold while raising our PT to $205 (vs. prior $180).

Stock Rating HOLD Bridge To 2029 Targets In Focus. Molina’s Investor Day provided a detailed look at the

Unchanged path to the company's 2029 targets and plans to drive both growth and margin recovery

across segments within what we view as still a somewhat choppy backdrop. The company

Price Target $205.00 introduced 2029 targets which call for $25.00 of adjusted EPS and ~$64B of premium

↑ revenue representing ~70% and ~15% CAGRs, respectively, reflecting solid organic growth,

from operational and MCR improvement alongside contribution from capital deployment (M&A,

$180.00 share repurchase).