UnitedHealth gives rosier 2009 revenue forecast
NEW YORK (Reuters) - UnitedHealth Group Inc (UNH.N) raised the lower end of its 2009 revenue forecast on Monday, although it maintained its profit outlook for next year.
Shares of UnitedHealth rose 4.4 percent, while most other health insurers were lower and the broader market fell.
The largest U.S. health insurer by market value projected revenue of $85 billion to $86 billion next year. In October, it forecast $84 billion to $86 billion.
The company, which is to hold its annual investor day on Tuesday, continues to expect earnings of $2.90 per share to $3.15 per share next year. Analysts expect $3.04, according to Reuters Estimates.
UnitedHealth's initial 2009 forecast issued in October fell below analyst targets as the company warned that the rocky economy severely limited its visibility into next year.
Analysts said at the time the company was being conservative after it twice reduced initial 2008 expectations earlier in the year.
UnitedHealth on Monday also backed its 2008 outlook of $2.95 to $2.98 per share, excluding items.
Shares of UnitedHealth rose 92 cents to $21.93 in morning trading on the New York Stock Exchange. Its shares have slumped about 63 percent this year.
(Reporting by Lewis Krauskopf; Editing by Derek Caney, Dave Zimmerman)
