$UnitedHealth(UNH)$ Support for a move toward $400: 1. Strong fundamentals: UnitedHealth has diversified business (healthcare plans + services, via Optum etc.), strong cash flow, and decent earnings growth. Those help build a base for higher valuations.  2. Recent upgrades and raised targets: Some upgrades (like at Truist) show increasing confidence. These tend to help with investor sentiment.  3. Room for multiple expansion: If UNH can demonstrate margin improvement, reduce regulatory risk, or show accelerating growth, the market may reward it with a higher P/E, pushing the price up. Challenges / what needs to go right / risk factors: • Regulatory risk is nontrivial for big health insurers. Changes in Medicare/Medicaid policy, reimbu