** Brokerage J.P.Morgan expects the U.S. healthcare services sector to improve in 2026, helped by better margins and clearer policy signals after two years of uneven performance
** “Most MCOs will reach a trough in earnings in 2026,” the brokerage said, adding that Medicare Advantage plans could drive margin gains even as Medicaid and ACA exchanges remain under pressure
** Commercial insurance is expected to stay steady, while distributors such as McKesson 
MCK and Cencora 
COR remain “defensive picks” thanks to strong prescription trends and specialty drug growth – J.P.Morgan
** Brokerage also expects a healthy outlook for diagnostic labs, citing stronger demand and improved pricing, though uncertainty around PAMA reimbursement rules remains a risk
** Brokerage says it prefers names with greater insulation to rate pressure, balance sheet flexibility, and organizational resilience through available offsets from business diversification and M&A
** On policy, brokerage expects gridlock after the 2026 midterms, reducing chances of major legislative changes outside of routine CMS rulemaking
** J.P.Morgan sees UnitedHealth 
UNH, CVS Health 
CVS, Alignment Healthcare 
ALHC, McKesson MCK, Cencora COR, Labcorp 
LH and Tenet Healthcare 
THC as attractive opportunities with some “moving pieces”