Humana downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Ryan Langston downgraded Humana to Hold from Buy with a price target of $261, down from $402. Despite the company’s Medicare Advantage plans’ ability to reprice the business each year and potentially improve star ratings each year, the overall recovery story for Humana “has become too complicated,” the analyst tells investors in a research note. The firm says that absent successful star appeal efforts, recovery of normalized margins for the company may be pushed beyond 2027.