Facilities (-) — Fischbeck notes that uncertainty will remain an overhang for hospitals as repeal/replace a negative for the group (est losing 2-3mm Medicaid lives & 2-3mm exchange lives would be a 1-2% EBITDA hit on avg). Focus on company-specific stories like EVHC.
MCOs (+) — Fischbeck generally +ve under Trump (especially around MA given historical support from GOP) w/ tailwinds from corporate tax & rising rates. ANTM top pick in given valuation & tailwinds.
Distribution/Tech (=) — Valiquette prefers pharmacies CVS/WBA given benefits from decelerating generic prices (which will remain an overhang for Distributors). HHS appointment a —ve for HCIT.
Daniel Lundquist Healthcare Specialist Sales
Global Equities
Bank of America Merrill Lynch
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