Jefferies analyst David Windley upgraded Humana (HUM) to Buy saying he believes the acquisition by Aetna (AET) is likely to go through. Based on legal expert calls and a divestiture analysis, Windley believes the deal will close. If the deal breaks, the analyst believes the near-term downside to Humana shares is 12% versus an upside of 41% if the merger is approved. Windley raised his price target for the shares to $210 from $199.
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Affirms FY 2024 Insurance segment benefit ratio of approximately 90%. Raises 2024 individual Medicare Advantage annual membership growth by 50,000 to now anticipate annual growth of approximately 150,000, or 2.8%.