Oscar Health's (OSCR) enrollment in the health insurance exchanges is likely better than previously thought, UBS Securities said in a note Friday.

The company's enrollment may be in the 20 million to 21 million range, above the 15 million to 18 million range expected by the industry, the note said.

"Predictions from our experts suggest effectuated enrollment could still come in above our expectations but we believe the stock is fairly priced at this level," the note said.

UBS also highlighted that Oscar Health has raised premiums 28% on a weighted average basis, which is below rival companies, but still represents a "significant increase."

"Further, with some program integrity measures paused, which are factored into premium increases, provides additional cushion for plans," the note said.

UBS upgraded Oscar Health to neutral from sell and raised its price target to $17 from $12, saying the higher price target reflects a "slightly higher earnings estimate and improved multiple."

Price: 17.58, Change: +0.68, Percent Change: +3.99