UnitedHealth (UNH) has been facing investor questions surrounding the upcoming release of Medicare Advantage Stars data for payment year 2028, but the company's earnings growth guidance is unlikely to change, UBS Securities said in a note Monday.

The company's shares have seen some weakness after a presentation at an investor event last week, UBS said, adding that investors "had a more nervous reaction to management's conference comments related to MA Stars than the company expected."

Medicare Advantage Stars is a rating system that unlocks quality bonuses and increased rebate percentages for higher ratings, while low-rated plans can see financial penalties.

The investment firm said that UnitedHealth's management indicated that it now has "considerable data" and is "comfortable with how the company is positioned."

Given what UnitedHealth management currently understands about its Stars, UBS said, the company is comfortable that it can deliver mid-teens earnings growth annually from here, the note said.

UBS has a buy rating on UnitedHealth and a $490 price target.

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