UnitedHealth: Contrarians Should Have A Stomach For Volatility Until 2026

I initiate my coverage on UNH with a hold rating. Despite attractive valuation, with the P/E near 2014 levels and EV/EBITDA ~30% below sector median, I prefer to wait until the pessimism clears out. My main concern is the reinstated FY 2025 guidance at much lower EPS and the DOJ scrutiny. Overall, I don't believe the headwinds are fully priced in.