Barclays initiated coverage of Oscar Health Inc. with an Underweight rating and a $17 price target, arguing that investors are overestimating the health-insurance technology firm’s ability to expand profitability over the coming years. Analyst Andrew Mok highlighted policy risks and likely margin pressure that could offset benefits from recent premium increases and technology investments. The bank’s bearish stance contrasts with Oscar Health’s projections unveiled at its June 2024 investor day, where newly appointed Chief Executive Officer Mark Bertolini outlined a path to earnings of at least $2.25 per share in 2027. The strategy calls for roughly 500 basis points of margin expansion through medical-loss-ratio improvements and administrative cost reductions. Barclays contends the targets leave little room for error and present asymmetric downside relative to consensus expectations.