UnitedHealth Earnings: 2024 Outlook Maintained Despite Change Outage and Elevated Utilization

On an adjusted basis, narrow-moat UnitedHealth turned in stronger first-quarter results than expected, offsetting the anticipated Change business disruption effects for 2024, as management maintained its adjusted earnings per share outlook for the year. Industry investors may be pleased to see that medical utilization is trending toward the firm's expectations, too. We are maintaining our $520 fair value estimate, which remains moderately above recent trades.