KeyBanc Capital Markets lowered its 12-month price target for UnitedHealth Group Inc. to $350 from $400, a 12.5% reduction, while reiterating an Overweight rating. The broker said the health-insurance giant’s second-quarter results established a “credible EPS baseline,” but cautioned that margins are likely to bottom out before improving. Oppenheimer & Co. also maintained its bullish stance, keeping an Outperform rating but trimming its target to $325 from $400. The firm expects 2025 to represent a trough in earnings per share, with growth resuming in 2026 despite recent estimate cuts. The dual revisions follow UnitedHealth’s recent earnings report, which prompted several analysts to reset forecasts yet continue to back the company’s longer-term recovery prospects.