UnitedHealth (UNH), CVS Health (CVS) and Cigna (CI) are among the managed-care companies that could benefit from improving utilization trends and potential artificial intelligence-driven efficiency gains across the healthcare system, Morgan Stanley said in a note Thursday.
The firm said early signs of softer utilization have supported recent gains in managed-care stocks. The group has delivered a series of medical-loss-ratio beats in Q1 and some companies raising guidance. However, it noted that investors are still awaiting clearer confirmation of underlying trends and utilization signals remaining mixed ahead of Q2 results.
AI adoption is increasingly embedded across managed-care operations, including prior authorization, call centers, provider portals, care management, pharmacy utilization and payment integrity.
Morgan Stanley said UnitedHealth stands out as a leading "AI enabler," particularly through Optum Insight initiatives, which support both efficiency gains and potential revenue upside.
The firm's scenario analysis assumes 0.5% to 2.0% AI-driven insurance margin expansion, which could translate into an illustrative 18% to 71% EPS upside across managed-care companies. It added that administrative workflows, particularly prior authorization, remain key areas of automation potential.
Morgan Stanley boosted its price targets on UnitedHealth, CVS Health, Elevance Health (ELV), Centene (CNC), Molina Healthcare (MOH), and Humana (HUM).
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