** Shares of health insurer UnitedHealth Group UNH.N rise 5.6% to $398.11

** BofA Global Research upgrades UNH to "buy" from "neutral", raises PT to $450 from $420, on improving medical cost trends; says "supportive near-term data points set up a favorable Q2 earnings and attractive risk/reward"

** Brokerage says if medical utilization trends continue to moderate, UNH - given its bellwether status - should lead a broader rally among health insurers

** "Incoming data points make it more difficult to believe that the strong Q1 was purely a function of weak flu and storms"- BofA

** Says "UNH is likely still well positioned to grow EPS at least 13-16% for the next few years given that Optum Health and Medicaid would still have room to improve margins back to the midpoint of target"

** Adds, UNH's earnings power 50% higher than its 2026 guidance, low medical cost trend could accelerate the timeline for returning to target

** 24 of 30 brokerages rate the stock "buy" or higher, 5 "hold" and 1 "sell" or lower; their median PT is $420

** Including session moves, stock up 20.5% YTD