Healthcare Facilities & Managed Care: 2Q26 Preview

研报英文原文证据摘录

Healthcare Facilities & Managed Care: 2Q26 Preview

Global Research

July 14, 2026

Healthcare Facilities & Managed Care: 2Q26 Preview■Health Care Facilities & Services

■Health Care Technology & Distribution:

PBMs

■Managed Care

Ryan Langston THE TD COWEN INSIGHT

646 562 1418

We broadly expect large payors to outperform consensus, and raise our estimates for CNC, MOH, and UNH. ALHC

ryan.langston@tdsecurities.com

setup is tricky, 2Q MLR (ex sweeps) needs to be close to guidance midpoint to avoid pressure. Hospital fundamentals

Christian Borgmeyer, CFA challenged but setup intriguing if "core" results better than feared. Hospital consensus ests likely unreliable given Florida

646 562 1430 SDP dynamics. Our top picks are ELV, EHC, PRVA.

christian.borgmeyer@tdsecurities.com

Payors (ALHC, CI, CNC, ELV, HUM, MOH, UNH)William Spivack

202 868 5302 Expect large payors to broadly outperform consensus. We raise our ests for CNC/MOH/UNH. We expect CNC/ELV/MOH/

william.spivack@tdsecurities.com UNH to raise FY26 guidance. 2028 consensus multiples (excl CI) don't look inexpensive though estimates may come up post

Gary Taylor 2Q26 results.

646 562 1450 ELV - 2Q26 cons MLR of 90.1% at +118bps yty strikes us as more than achievable. Guidance reiterated in mid-June, expect

gary.taylor@tdsecurities.com FY26 results to be better vs current guide.

Price Target Changes UNH - Raising our UNH 2026/2027E EPS estimates by +50c to $18.75/$20.90, contemplating favorable MA utilization trends

in UHC/Optum Health, offset by slightly lower Rx/Insight contribution vs our previous model. We are keenly focused on anyACHC $36.00 (Prior $30.00)

ASTH $50.00 (Prior $45.00) Stars commentary mgmt may provide.