Wells Fargo lowered its rating on Oscar Health to Underweight from Equal Weight and reduced its 12-month price target to $10 from $16. The brokerage said industry data from the first quarter showed higher patient acuity and elevated medical-loss ratios across public exchange plans, suggesting Oscar’s claims costs are rising faster than premiums. Analysts added that risk remains underpriced and margins could come under sustained pressure. Separately, Bank of America Securities kept a Neutral stance on PepsiCo but trimmed its price target to $145 from $150, citing slowing sales growth, sensitivity in margins and limited operating leverage.