<p><strong>联合健康集团</strong> UNH 股票周四交易下跌，此前 Baird 将该股评级下调至表现不佳，并将其目标价从 312 美元下调至 198 美元。</p>
<p><strong>需要了解的事项：</strong> 根据 CNBC 的报道，此次下调评级是由于对公司 Optum Health 部门的持续担忧，以及联合健康几乎所有业务线面临的更广泛的逆风。</p>
<p>Baird 分析师 <strong>Michael Ha</strong> 对 Optum Health 的价值基础护理模式的长期盈利能力表示严重怀疑。在周三发布的一份报告中，Ha 指出公司第二季度的业绩，显示出显著的利润率重置，长期价值基础护理的利润率降至 5%。该公司的内部模型显示，在 CMS 的 v28 风险调整变更下，隐含的逆风接近 20%。Ha 写道，如果没有实质性的抵消或缓解策略，并且将编码恢复到 v28 之前的水平被认为不切实际，他对联合健康在 2026 年之前维持 1% 价值基础护理利润率的能力几乎没有信心。</p>
<p>本周早些时候，公司第二季度的财报加剧了担忧。尽管收入略微超出预期，但盈利未达标，全年预测远低于华尔街预期。这一结果引发了持续一周的抛售。过去六个月，股价下跌约 51%，年初至今下跌 47%，大幅跑输同期上涨超过 5% 和 8% 的大盘。</p>
<p>Baird 还指出联合健康其他业务部门的新担忧，包括医疗保险优势、社区组/HIX、医疗补助和 Optum Insight。即使是之前被视为利润驱动因素的部门，如 OptumInsight 和 OptumRx，现在也被认为在 2026 年面临更大的运营挑战。</p>
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<p>尽管评级下调，但分析师之间的整体情绪仍然相对积极。根据 LSEG 数据，28 位覆盖该股票的分析师中有 19 位仍将其评级为买入或强力买入。平均目标价约为 346 美元，意味着从当前水平有超过 30% 的上涨空间。然而，周四的急剧下跌表明投资者对 Baird 下调的预期和对公司在未来一年内稳定利润率和盈利能力的能力日益怀疑反应更为强烈。</p>
<p><strong>UNH 股价动态：</strong> 根据 Benzinga Pro 的数据，撰写时联合健康的股价下跌 6.54%，报 248.66 美元。</p>
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<p><em>图片来源于 Shutterstock.</em></p>

联合健康

<p>联合健康集团（UnitedHealth Group Inc.）的股价在 Baird 将其评级下调至 “表现不佳” 并将目标价从 312 美元下调至 198 美元后下跌超过 5%。对其 Optum Health 部门盈利能力的担忧以及第二季度业绩不佳加剧了这一下跌。尽管评级下调，28 位分析师中仍有 19 位将该股评为买入，平均目标价为 346 美元，显示出潜在的上涨空间。然而，该股在过去六个月中表现不佳，跌幅约为 51%</p>

<p><strong>UnitedHealth Group Inc.</strong> UNH shares are trading lower Thursday, after Baird downgraded the stock to Underperform and slashed its price target from $312 to $198.</p>
<div class="lb-trans"><p><strong>联合健康集团</strong> UNH 股票周四交易下跌，此前 Baird 将该股评级下调至表现不佳，并将其目标价从 312 美元下调至 198 美元。</p>
</div><p><strong>What To Know:</strong> The downgrade follows ongoing concerns around the company’s Optum Health segment and broader headwinds across nearly all of UnitedHealth's business lines, according to CNBC.</p>
<div class="lb-trans"><p><strong>需要了解的事项：</strong> 根据 CNBC 的报道，此次下调评级是由于对公司 Optum Health 部门的持续担忧，以及联合健康几乎所有业务线面临的更广泛的逆风。</p>
</div><p>Baird analyst <strong>Michael Ha</strong> cited serious doubts about the long-term profitability of Optum Health's value-based care model. In a note published Wednesday, Ha pointed to the company's second-quarter results, which revealed a significant margin reset, with long-term value-based care margins reduced to 5%. The firm's internal modeling indicated an implied headwind of nearly 20% over three years under CMS's v28 changes to risk adjustment. Ha wrote that without meaningful offsets or mitigation strategies, and with re-coding back to pre-v28 levels considered unrealistic, he has little confidence in UnitedHealth's ability to maintain even 1% value-based care margins by 2026.</p>
<div class="lb-trans"><p>Baird 分析师 <strong>Michael Ha</strong> 对 Optum Health 的价值基础护理模式的长期盈利能力表示严重怀疑。在周三发布的一份报告中，Ha 指出公司第二季度的业绩，显示出显著的利润率重置，长期价值基础护理的利润率降至 5%。该公司的内部模型显示，在 CMS 的 v28 风险调整变更下，隐含的逆风接近 20%。Ha 写道，如果没有实质性的抵消或缓解策略，并且将编码恢复到 v28 之前的水平被认为不切实际，他对联合健康在 2026 年之前维持 1% 价值基础护理利润率的能力几乎没有信心。</p>
</div><p>The company's second-quarter earnings report earlier this week intensified concerns. While revenue slightly beat expectations, earnings missed, and the full-year forecast came in well below Wall Street estimates. The result triggered a sell-off that has extended through the week. Shares are now down roughly 51% over the past six months and 47% year-to-date, drastically underperforming the broader market, which is up more than 5% and 8% over the same periods, respectively.</p>
<div class="lb-trans"><p>本周早些时候，公司第二季度的财报加剧了担忧。尽管收入略微超出预期，但盈利未达标，全年预测远低于华尔街预期。这一结果引发了持续一周的抛售。过去六个月，股价下跌约 51%，年初至今下跌 47%，大幅跑输同期上涨超过 5% 和 8% 的大盘。</p>
</div><p>Baird also flagged new concerns across UnitedHealth's other business units, including Medicare Advantage, Community Group/HIX, Medicaid and Optum Insight. Even segments that were previously seen as margin drivers, like OptumInsight and OptumRx, are now viewed as facing greater operational challenges heading into 2026.</p>
<div class="lb-trans"><p>Baird 还指出联合健康其他业务部门的新担忧，包括医疗保险优势、社区组/HIX、医疗补助和 Optum Insight。即使是之前被视为利润驱动因素的部门，如 OptumInsight 和 OptumRx，现在也被认为在 2026 年面临更大的运营挑战。</p>
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<div class="lb-trans"><p>热门投资机会</p>
</div><p>Despite the downgrade, broader sentiment among analysts remains largely positive. According to LSEG data, 19 out of 28 analysts covering the stock still rate it as a buy or strong buy. The average price target sits at approximately $346, suggesting more than 30% upside from current levels. However, Thursday's steep drop signals investors are reacting more strongly to Baird's lowered expectations and growing skepticism about the company's ability to stabilize margins and earnings over the next year.</p>
<div class="lb-trans"><p>尽管评级下调，但分析师之间的整体情绪仍然相对积极。根据 LSEG 数据，28 位覆盖该股票的分析师中有 19 位仍将其评级为买入或强力买入。平均目标价约为 346 美元，意味着从当前水平有超过 30% 的上涨空间。然而，周四的急剧下跌表明投资者对 Baird 下调的预期和对公司在未来一年内稳定利润率和盈利能力的能力日益怀疑反应更为强烈。</p>
</div><p><strong>UNH Price Action:</strong> UnitedHealth shares were down 6.54% at $248.66 at the time of writing, according to Benzinga Pro.</p>
<div class="lb-trans"><p><strong>UNH 股价动态：</strong> 根据 Benzinga Pro 的数据，撰写时联合健康的股价下跌 6.54%，报 248.66 美元。</p>
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<div class="lb-trans"><ul>
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</div><p><em>Image Via Shutterstock.</em></p>
<div class="lb-trans"><p><em>图片来源于 Shutterstock.</em></p>
</div>

联合健康的股价下跌超过 5%，这是由于 Baird 下调了其评级并降低了目标价格