Laying Out the Blue Sky Scenario - Where Can #s Go if 2026 is Intact

研报英文原文证据摘录

Laying Out the Blue Sky Scenario - Where Can #s Go if 2026 is Intact

Healthcare Facilities & Managed Care

Managed Care - Market Overweight

HUMANA, INC. (HUM) June 4, 2026

Laying Out the Blue Sky Scenario - Where Can #s Go if Rating:

2026 is Intact Outperform

Price:

$327.54

The Wolfe Byte Price Target:

W/HUM reiterating guidance we lay out path to 2027 EPS of $20, nearly 30% $375

Prior: $250above consensus as HUM likely leans into margin improvement next year. When % Upside:

coupled w/increased confidence in 2027 Stars improvement in Oct we see positive 14.5%

risk/reward - PT to $375 - remain Outperform. View HUM Model

View Comp Table

●We Raise #s for 2027 and Lay Out a Blue Sky Scenario that Pushes $35+ Company Information

in 2028 – In this note we lay out a path to our updated $20 EPS est. for 2027 52-Week Range $164 - $328

$39,325 Cap. (MM) should 2026 indeed be intact despite 25% member growth in 2026 with co. Market $48,626 Enterprise Value (MM)

reiterating guidance via 8K earlier this week. Note our previous 2027 EPS was Shares Out. (MM) 120.1

$17 and consensus $15.62. We also illustrate Blue Sky path to $35+ of EPS Avg. Value Traded (MM) $296.50

SI% of Float 5.0%

in 2028 should co. reattain best in class Stars ($8+ of EPS benefit) – see our

previous 2027 Stars work here. Reiterate our Outperform rating on stock – 340

YE’26 PT now $375 up 13% on 2027 EPS of $20.00 at ~18.8x P/E multiple 320 300

280 which reflects our view of significant EPS growth opportunity into 2028 and

potential for stock to reach $500 over the next 18 months in Blue Sky scenario 260240

where earnings are intact for 2026, bids are conservatively positioned for 2027 220200

and Stars improvement is indeed achieved in Oct. See slides beginning on page 180160