关税政策下避险首选！投行Baird给予联合健康(UNH.US)和Alignment Healthcare(ALHC.US)“跑赢大盘“评级

智通财经2025-04-16

智通财经APP获悉，投行Baird将联合健康(UNH.US)和Alignment Healthcare(ALHC.US)列为其两大避险首选股，强调管理式医疗公司能够抵御特朗普政府关税政策的影响。"逻辑很简单，"Baird分析师Michael Ha在报告中指出，鉴于该行业主要依赖国内营收，且业务聚焦于联邦医保优先处方药计划(MAPD)和联邦医保D部分处方药计划，管理式医疗板块基本不受关税威胁影响。"...

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Investment bank Baird gives UnitedHealth (UNH.US) and Alignment Healthcare (ALHC.US) an \"outperform\" rating","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UNH":1,"LHC.U":1,"ALHC":1},"content_text":"智通财经APP获悉，投行Baird将联合健康(UNH.US)和Alignment Healthcare(ALHC.US)列为其两大避险首选股，强调管理式医疗公司能够抵御特朗普政府关税政策的影响。\"逻辑很简单，\"Baird分析师Michael Ha在报告中指出，鉴于该行业主要依赖国内营收，且业务聚焦于联邦医保优先处方药计划(MAPD)和联邦医保D部分处方药计划，管理式医疗板块基本不受关税威胁影响。\"我们预计企业将在一季度取得超预期业绩，但认为管理层不会上调全年指引，考虑到今年可能出现的D部分计划政策变化和宏观逆风，企业将保持对2025年业绩预期的保守态度。\"Baird给予联合健康和Alignment Healthcare\"跑赢大盘\"评级，前者目标价定为640美元，后者目标价从每股17美元上调至22美元。该机构对Humana(HUM.US)维持\"中性\"评级，但将目标价从270美元上调至300美元，表示若Humana能妥善处理2026年星级评定诉讼，并在2027年评级中获得有利结果，将考虑将其升级为首选股。CVS健康(CVS.US)同样获得\"中性\"评级，目标价从每股51美元上调至71美元。\"我们采用较CVS五年历史峰值市盈率折让1倍的估值倍数，\"Ha解释称，\"这既反映了我们对CVS潜在盈利能力的判断，也包含了对未来1-2个季度保持谨慎的适度折价。\"尽管维持\"跑赢大盘\"评级，Baird将信诺(CI.US)目标价从388美元下调至362美元，理由是该公司在衰退情境下面临更高的失业风险敞口，且缺乏政府医保业务缓冲政策冲击。鉴于医疗补助政策风险，Baird将Molina医疗(MOH.US)、Elevance健康(ELV.US)和Centene(CNC.US)的评级从\"跑赢大盘\"下调至\"中性\"，目标价分别调整为375美元、529美元和69美元(原为331/625/71美元)。基于相同政策考量，该机构还将泰尼特健康(THC.US)、环球健康服务(UHS.US)和HCA健康(HCA.US)的评级从\"跑赢大盘\"降至\"中性\"，目标价分别调整为137/224/336美元(原为153/274/396美元)。\"虽然基本面稳健，但我们认为在政策不确定性消除前，这些股票难获增量资金青睐，\"分析师在报告中写道。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2527860202","isCrawlerRequest":true}