UnitedHealth’s Last Bear Stands Pat After Medicare Rate Hike

UnitedHealth Group Inc.’s last remaining bear is standing by his call even as the stock heads toward its best week in seven months after a surprise hike in Medicare rates.

Most of the more than 10% rally took place Tuesday, following a 2.48% increase to payments for Medicare Advantage in 2027, instead of an initial US government proposal that rates be left little changed.

That’s nothing more than a temporary balm masking other issues, according to Baird analyst Michael Ha, who maintained his underperform call on the stock following the news. He’s the only analyst with a sell-equivalent ...