On Tuesday morning, Bernstein SocGen’s senior health-care strategist Lance Wilkes raised his fair value assessment for UnitedHealth Group by four points, increasing it from 440 to 444. He maintained an outperform recommendation and identified the insurer as one of his top picks for 2026. This endorsement helped drive shares up by just over 2 percent during trading, reflecting renewed investor confidence in the company’s growth trajectory.

Wilkes forecasts UnitedHealth will exceed its trailing 10 percent annual revenue growth rate, projecting a 12 percent increase in 2026. He cited the company’s expanding Medicaid business and its integrated care platforms as key drivers. Management’s focus on cost discipline and technology investments is expected to bolster margins, with operating profit growth seen outpacing total revenue gains over the next two years.

The analyst noted that potential restoration of health insurance subsidies, following the expiration of certain Affordable Care Act provisions, could further support enrolment and premium revenue. Wilkes highlighted that bipartisan pressure on lawmakers makes at least partial reinstatement likely, which would benefit UnitedHealth’s Exchange business. He projects that even a modest subsidy reinstatement could add low-to-mid single-digit percentage points to the company’s annual revenue base.