Goldman Sachs: UNH Q3 EPS $4.69 Beats Expectations, Price Target Raised to $506

According to Chaoxiang Research, a Goldman Sachs research report dated October 13, 2026, noted that UnitedHealth Group (UNH) reported third-quarter adjusted EPS of $4.69, far exceeding Goldman Sachs' forecast of $3.90 and the Visible Alpha consensus of $4.06. The medical loss ratio stood at 88.4%, improving by 160 basis points relative to Goldman Sachs' and consensus estimates. Full-year 2026 adjusted EPS guidance was raised to at least $20.50. Management indicated that the $22.54 consensus estimate for 2027 may underestimate the earnings opportunity. Goldman Sachs concluded that the third quarter validated a dual-cycle margin recovery, with Medicare Advantage (MA) plan margins rebounding faster than anticipated. Optum Health, commercial insurance, and Medicaid continue to provide additional earnings leverage. The firm maintains a Buy rating, raising its price target from $490 to $506, representing a 33.9% upside from the closing price on October 13.