UHS → $282.00 by Nov 29, 2026.

**TL;DR:** UHS is the cheapest large US hospital operator (7.6x forward) because the market is treating one 2028 Medicaid change as a permanent hit. I think it's partial, and on peer multiples the behavioural segment alone is worth close to the whole company, so you are paying almost nothing for the hospitals. Fair value \~$282 vs $172 (Buy, high uncertainty). The real risk is that estimates are still falling, which I have put on the record as a kill criterion. …