Bernstein names UnitedHealth as 2026's top healthcare pick

Bernstein analyst Lance Wilkes designates UnitedHealth Group (UNH) as his top healthcare stock for 2026, keeping an Outperform rating with a $444 target as margins in Medicare Advantage/Medicaid are expected to recover. He expects earnings growth to resume as UNH exits unprofitable businesses and weighs the potential separation of UnitedHealthcare and Optum, with Optum viewed as a long‑term growth driver. Bernstein sees roughly 33% upside from current levels, while the broader market consensus remains bullish with a target near $398 (~19% upside).