Astrana Health Inc: BofA Conference takes: Prospect ahead of schedule; MA/Medicaid improving

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Astrana Health Inc: BofA Conference takes: Prospect ahead of schedule; MA/Medicaid improving

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Astrana Health Inc

BofA Conference takes: Prospect ahead of

schedule; MA/Medicaid improving

Maintain Rating: BUY | PO: 43.00 USD | Price: 39.01 USD

Positive take aways across all business segments 12 May 2026

We sat down with Brandon Sim, CEO of Astrana Health (ASTH), at the BofA Healthcare Equity

conference in Las Vegas. Overall, the tone was very positive around trend, Prospect,

Craig Jones

Medicare, and Medicaid. As we have heard from MCOs, trend is coming in a little better Research Analyst

than expected YTD and cautious optimism that it would continue. The Prospect BofAS +1 646 743 2020

acquisition is ahead of schedule and already seeing synergies across G&A, MLR, and craig.jones3@bofa.com

revenue. For MA, 2027 could actually be a margin accretive year as ASTH expects no Kevin Fischbeck, CFA

impact from chart reviews and its MA trend is below the corporate avg of 5.2%. On Research Analyst BofAS

Medicaid, initially expected a 150bp headwind in acuity from 10%+ disenrollments, +1 646 855 5948

however while disenrollment is coming in slightly worse, acuity is coming in slightly kevin.fischbeck@bofa.com

better, which largely offset each other for 2026 EBITDA. We maintain Buy as ASTH JoannaResearchGajukAnalyst

continues to unlock the synergies from the Prospect acquisition. BofAS

+1 646 855 3961

Prospect ahead of schedule joanna.gajuk@bofa.comJoaquin Arriagada Martinez

Prospect integration is ahead of schedule and already seeing synergies across G&A, Research Analyst

BofAS

MLR, and top line. Still tracking towards the high end of the initially guided $12-15mn in +1 646 855 1654

opex synergies.