Oppenheimer Asset Management has a bullish view on UnitedHealth Group Inc (NYSE: UNH) shares, as it pointed out the company “exhibits the strongest trend in the managed care sub-industry.”
Oppenheimer has assigned a “Buy” rating on the stock and has a price target of $650.
“UNH’s rally above $550 marks a multi-year breakout in trend and a resumption of the stock’s structural uptrend, in our view. This breakout point is now support and, by our analysis, measures towards $650; this is the height of the prior range projected from breakout point,” Oppenheimer Asset Management said in an investor note.
Stock Performance
The shares of UnitedHealth Group (UNH) closed 0.44% ($2.58) lower at $578.07 in New York on Wednesday, as they snapped a two-day streak of gains.
At these levels, the shares remain above their 10-day, 50-day, 100-day and 200-day moving averages. The stock’s current all-time trading high stands at $591.54, which it registered on August 2nd.
The company’s total market cap now stands at $533.8 billion.
The shares of UnitedHealth Group (UNH) went down 0.70% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 9.80% so far this year.
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