Wells Fargo analyst Stephen Baxter upgraded Oscar Health to Equal Weight from Underweight with a price target of $20, up from $11. The firm cites greater confidence in the company's 2026 exchange market trajectory for the upgrade. Wells is now "increasingly comfortable" with the trajectory of the exchange market in 2026. However, Oscar's visibility beyond this year remains low, the analyst tells investors in a research note. Wells says the company's payment integrity will remain an investor focus.
