Analysts at Citi have upped their price target on Australia’s health insurer, Medibank (ASX:MPL), from A$3.45 per share to A$3.70 per share.

The banking giant anticipates that Medibank will continue to see steady growth in the 2024 fiscal year.

Predictions suggest a 4% increase in pretax operating profit for FY24, as well as a 6% increase in underlying net profit after tax.

They also note that growth in policyholders appears to be back to normal, retaining a ‘Neutral’ stance.

Out of 12 analysts, 5 rate the stock ‘buy’ or higher, while 6 suggest ‘hold’ and 1 proposes ‘sell’; the median price target aligns with Citi’s at A$3.70.

Medibank’s stock has seen a 19% increase this year, as of the last closing price.

Medibank (ASX:MPL) is a prominent Australian health insurer supplying private health insurance and health solutions to millions.