pproving the HUM acquisition, lower- than-expected membership growth and higher than expected cost trend. CMS will issue the rate update for 2018 for Medicare Advantage in late February, a reg which we expect to be benign, but which could be worse than expected. Company Description: Aetna is one of the nation's larg

due to the pandemic. Humana also raised its 2020 Medicare Advantage membership growth outlook. </td> </tr> <tr>

--15x our 2015E EPS, in line with the premium valuation vs. its peers it has historically maintained and reflecting its relatively high exposure to Medicare Advantage, which we think will benefit from long-term secular growth. Risks to Rating and Price Target Healthcare reform represents a pivot point for Manage