Oppenheimer likes UnitedHealth (UNH.US): shares could rise to $650

Oppenheimer Asset Management said it likes UnitedHealth Corp. (UNH.US), which "is showing the strongest trend in the managed care subsector." The firm also noted that the stock could rise to $650 and gave the stock a "buy" rating.

Oppenheimer Asset Management said, "We believe that the breakout above $550 in UnitedHealth stock marks a multi-year trend break and the resumption of the structural up-trend in the stock. Our analysis points to a support level of $650."

As of Wednesday's close, UnitedHealth was trading at $578.07, above its 10-, 50-, 100- and 200-day moving averages and just a whisker away from its all-time high of $591.54, set on Aug. 2. In addition, UnitedHealth has gained 10.7% so far this year and 16.8% over the past 12 months.