Speaker · Updated
Jared Holz: latest market views
Mizuho Securities
Summary
Healthcare sector specialist and equity strategist at Mizuho Securities, previously in healthcare equity strategy at Jefferies and a long/short hedge fund analyst.
Chorus has 9 views from Jared Holz across 2 episodes on CNBC Fast Money and CNBC Closing Bell since October 14, 2026. Their latest calls: bullish on Eli Lilly and Company and Johnson & Johnson.
Where they stand
Their latest bullish or bearish call on each company.
- Eli Lilly and CompanyBullish ·
- Johnson & JohnsonBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
Managed care and provider moves are misaligned with fundamentals; flows into health care drove the rally.
Holz says providers and hospitals rallied on the premise of more patients and exchanges returning, and managed care would typically come in with them. Yet most managed care names other than CVS traded better, so the groups moved together, which he finds odd. He attributes it to fund flows out of tech into health care as a defensive or value sector, rather than fundamentals.
“typically you wouldn't have all the categories work in tandem, and they did. [I] think something's just a little bit off. Part of that is just the fund flows outside of tech coming into health care as a defensive or value oriented sector.”at 35:18
CNBC Fast Money: Market’s Post-Election Surge… And Prognosis For Pharma, Health Care After Midterms 11/4/26 ·
Large-cap pharma is overdone to the upside, given Democrats' adversarial stance on drug pricing.
Holz says large-cap pharma looks overdone to the upside. Democrats have typically been adversarial on drug pricing. The IRA and Trump's policies have already accomplished a lot, but Democrats could return to drug pricing at some point, which makes the rally look excessive.
“I actually think large cap [pharma] is overdone to the upside. Given the fact that democrats typically are fairly adversarial from a drug pricing standpoint.”at 35:40
CNBC Fast Money: Market’s Post-Election Surge… And Prognosis For Pharma, Health Care After Midterms 11/4/26 ·
CVS HealthUncertain
CVS breakup looks like a pre-emptive move ahead of tougher PBM regulation; value now hinges on sum of parts.
Holz says the breakup surprised analysts. He thinks it reflects legal pressure from states on PBM and retail pharmacy relationships. He reads it as CVS getting ahead of a more cumbersome political and regulatory environment by splitting up first. He says the question now is what each business is worth on a sum-of-the-parts basis.
“This could be the company getting in front of what they think is gonna be a more cumbersome environment politically and from a regulatory standpoint, and so breaking up before that.”at 36:03
CNBC Fast Money: Market’s Post-Election Surge… And Prognosis For Pharma, Health Care After Midterms 11/4/26 ·
Novo Nordisk A/SNeutral
Novo needs a pipeline beyond Wegovy and the pill to lift the stock; CagriSema seen as unlikely to do it.
Holz says the Street wants to see pipeline progress or some sign of life beyond Wegovy and the oral pill. He doubts CagriSema will do that, as most people don't think it will. He says Novo may need other obesity drugs or moves outside its core franchise, and that the stock needs pipeline news to reach the next level. He thinks the earnings release was good but that this is what matters next.
“Still think the street wants to see a pipeline or some semblance of life beyond Wegovy and the and the pill.”at 37:17
CNBC Fast Money: Market’s Post-Election Surge… And Prognosis For Pharma, Health Care After Midterms 11/4/26 ·
Medtech is the healthcare lagger worth buying; device stocks near multi-year lows with flat or falling procedure volumes.
Holz says medical device stocks are at or near multi-year lows. Procedure volume trends have been flat or negative, and there has been little innovation. He says medtech is the last part of healthcare to perform well. If investors believe more patients will enter the funnel and consumerism plays out, he would own medtech, picking names selectively. He also says he doubts that regulation from the past couple of years will be overturned soon.
“those medical device stocks that are at or near multi year lows. Because the procedure volume trends have been either flat or negative. There hasn't been that much innovation.”at 38:00
CNBC Fast Money: Market’s Post-Election Surge… And Prognosis For Pharma, Health Care After Midterms 11/4/26 ·
Pharma now trades richer than tech for the first time in twenty years, so he has backed away.
Holz cites a valuation fact: pharma is trading more expensive than tech for the first time in twenty years. On that basis he has backed away from pharma and prefers medtech, where he sees better value and a catch-up case.
“pharma is trading more expensive than tech for the first time in twenty years. So I backed away from pharma. Would look at med tech.”at 38:45
CNBC Fast Money: Market’s Post-Election Surge… And Prognosis For Pharma, Health Care After Midterms 11/4/26 ·
A split Congress is typically good for healthcare; a Democratic sweep could still help hospitals and devices
Holz says the upcoming midterm election may be the most important factor beyond earnings for healthcare. A split Congress is typically very good for the sector, because little change is viewed as positive. Even if Democrats win both the House and Senate, some healthcare verticals that are more levered to utilization could benefit, such as hospitals and medical devices. Political and regulatory undercurrents mean healthcare doesn't always act as defensively as investors want.
“I think the thing that's maybe the most important consideration other than earnings is this upcoming midterm election and what it could mean. I think if you've got a split Congress, it's typically very good for health care because little change is viewed as positive.”at 29:28
CNBC Closing Bell: AI Trade Faces a Reality Check 10/14/26 ·
Eli Lilly and CompanyBullish
Eli Lilly looks best positioned over the next five years on its accomplishments and pipeline
Holz says the sector grapples with how long the patents on major drugs last, which determines loss-of-exclusivity exposure. Most of the street thinks Lilly is in the best shape over the next five years, given what the company has accomplished and its pipeline. Holz names Lilly first among the large caps whose drugs face the least exposure from patent expirations.
“I think most around the street think that Eli Lilly is in the best shape over the next five years just given what they've been able to accomplish and and the pipeline.”at 30:39
CNBC Closing Bell: AI Trade Faces a Reality Check 10/14/26 ·
Johnson & JohnsonBullish
Johnson & Johnson's pharma business looks like one of the best in large-cap pharma despite device issues
Holz says J&J stock fell sharply the previous day because of problems in its medical devices business. He says its pharmaceutical business looks to be one of the best in large-cap pharma, and it is among the handful of names best positioned to deal with patent exposure. He rates AbbVie, Biogen and Vertex as the next tier, and says most major players have some patent issue, depending on whether it hits in 2027-2028 or closer to 2030.
“J and J, even though the stock was down a lot yesterday because of issues they're having in medical devices, that pharma business within J and J looks to be one of the best.”at 30:55
CNBC Closing Bell: AI Trade Faces a Reality Check 10/14/26 ·
Shows
- CNBC Fast Money · 1 episode
- CNBC Closing Bell · 1 episode
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