摩根士丹利因医疗保险优势担忧下调评级，Humana股价下跌

2026-02-02 23:48

Humana (HUM) is down ~2% in Monday morning trading after Morgan Stanley downgraded the health insurer to underweight from equalweight, citing bid strategy, policy risks, and an unfavorable Advance Rate Notice for 2027 impacting its Medicare Advantage plans.
The investment bank cut its price target to $174 from $262 (~12% downside based on Jan. 30 close ).
Analyst Erin Wright said that while long-term prospects for MA are positive, Humana's "2026 bid strategy alongside incremental policy risk on the back of an unfavorable Advance Rate Notice may slow HUM's progress on its multi-year turnaround strategy."
In late January, the Trump administration proposed nearly flat reimbursement rates for Medicare Advantage payers in 2027. The Street had been expecting 3%-5% growth.
She added that given Humana's heavy exposure to MA, "every 1% decline in Rate Notice could drive earnings pressure of 36% in 2027."

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