UnitedHealth Group Inc

UNH: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$597.00	Kcwhtlh	Mprldfndj

UnitedHealth Earnings: Raising Valuation on Solid Performance, Maintained Outlook Despite Challenges

Julie Utterback

Jul 16, 2024

On an adjusted basis, narrow-moat UnitedHealth turned in stronger second-quarter results than expected. This allowed it to maintain its 2024 outlook despite Change Healthcare-related challenges, South American exit costs, and elevated medical utilization pressuring the firm. After tinkering with our near-term estimates and recognizing cash flows generated since our last valuation update, we are increasing our fair value estimate by 6%, to $550 per share from $520.

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