Humana downgraded to Underweight from Equal Weight at Morgan Stanley

 Morgan Stanley downgraded Humana (HUM) to Underweight from Equal Weight with a price target of $174, down from $262. The firm says the company’s 2026 bid strategy and policy risk may slow its margin turnaround. The “disappointing” Medicare Advantage advance rate notice adds 2027 pressure for Humana and a new policy overhang across Medicare Advantage where the company is “disproportionately exposed,” the analyst tells investors in a research note.

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