In Case You Missed It: Weekly Equity Market Commentary & Conviction Calls

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In Case You Missed It: Weekly Equity Market Commentary & Conviction Calls

Barclays | In Case You Missed It

cumulative FCF >55% of its enterprise value over 5 years. As leverage concerns fade, focus

should increasingly shift to OXY’s top-tier resource base, spanning unconventional scale, EOR,

and GoA. She also downgraded EXE to EW reflecting the tempered gas outlook and less visible

near-term catalyst path despite the discounted valuation.

U.S. Healthcare Facilities & Managed Care: Weighing in on Key Debates (05/26/2026). Following

solid 1Q managed care results, Andrew Mok notes that extended stock reactions for both MCOs

and hospitals have led to several investor debates regarding utilization, embedded earnings,

commercial mix, and valuation. Simply put, he believes MCO stock moves are durable and

consistent with his 2026 outlook, and he continues to prefer managed care over facilities. While

his embedded earnings analysis suggests HUM and MOH are under-earning the most today, he

believes CNC, ELV, and CVS offer the most attractive combination of underappreciated yet

visible earnings upside. With the prospects of health insurance margin recovery underway, he

sees limited embedded earnings and multiple upside at CI given low government exposure

alongside ongoing uncertainty related to the PBM model transition and the pace of moderating

investment spend. With the September Investor Day skewing more risk than reward and

commercial job prospects potentially weighing on the long-term growth algorithm, he

downgraded CI to EW (PT $304). Elsewhere, the outlook for value-based care (VBC) has

materially improved in recent weeks driven by encouraging signs of stabilizing cost trends, a

more favorable 2027 MA rate outcome, disciplined pricing actions across payors, and noticeably