S&P UPGRADES OPINION ON HUMANA SHARES TO STRONG BUY FROM BUY
We have increased our conviction that HUM can execute well to realize higher EPS growth and cash flow generation. Recent data shows HUM's Medicare Advantage enrollment outpacing company guidance and most competitors, and we think such trends are sustainable. Moreover, we expect its individual commercial business to continue to grow at double-digit rates, given compelling products and services, and a reputation we see supported by the J.D. Power survey released Mar. 13. We raise our '12 EPS estimate $0.30 to $8.15 and '13's by $0.15 to $9.00. We keep our $104 target price.