Piper Sandler is even more bullish on Oscar Health after examining the company’s performance in the Miami-Dade region, its largest county, for insight into what 2026 may bring. The investment firm upgraded the health tech provider from neutral to overweight. Analyst Jessica Tassan also raised her price target to $25 from $13, implying a 49% upside. As the enhanced prepaid premium tax credit expires at the end of this year, Oscar Health expects both market share and profit margins to expand year over year, analysts said. OSCR YTD Mountain OSCR YTD Chart “If the E-APTC is allowed to expire at the end of CY25, OSCR believes that enrollment in the Individual ACA Marketplace could decline by (20.0%) to (30.0%) in CY26. This projection translates to approximately 6.1 million lives lost per year in the Individual ACA Marketplace and enrollment numbers at approximately 24.3 million to approximately 18.2 million in 2025, CY26,” Tassan wrote. “This reflects the convergence of the expiring E-APTC and federal efforts to strengthen the integrity of the program.” Indeed, the company has not only priced this to happen, but has designed its product for calendar year 2026 to function in an unfavorable operating environment, the analyst added. Oscar launched, strengthened and expanded symptom-specific services such as HelloMenu for menopausal women. Mr. Tassan said these products will help the company reduce its underwriting risk, generate strong engagement and achieve superior clinical results. The analyst added: “OSCR’s CY26 product portfolio is structured for retention and priced with margin recovery in mind. Most OSCR members will be able to buy down similar plans at different metal levels in CY26.” “This maintains continuity of care providers/care plans, maintains coverage, and covers some of the increased year-over-year cash premium contributions.” Meanwhile, Tassan also praised the company’s new bonus program, which rewards brokers and agents for high volumes of new sales booked in November against a January 1 coverage start date. “November tends to be the slowest month (of the open enrollment period) and is when brokers and agents are most available for consultation,” he added. “We believe OSCR’s new compensation paradigm will drive revenue into November and drive deliberate and appropriate plan selection into CY26.”Oscar Health shares have soared 24% this year.
