Oscar Health could be primed for big gains after a tough year, according to Wells Fargo. Analyst Stephen Baxter upgraded the stock to overweight from equal weight, but lowered his price target, saying the outlook for the health insurance company appears "favorable" after the stock cratered 63% in 2022. Shares of Oscar Health came under pressure this year as investors dumped unprofitable growth names getting slammed by rising interest rates and high inflation. Oscar Health offers a lower membership plan than a majority of its competitors that will appeal to consumers, according to the note. At the same time, Oscar Health recently set a $120 million cost-savings target that the analyst approved of, read the note.

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