The widely believed notion in the market that Obamacare would be bad for insurance stocks has been the wrong call, said Barclays health-care analyst Joshua Raskin.
"I think the industry begins to thaw in terms of multiples. I think you're going to see appreciation in the broader group," Raskin said Thursday on CNBC's "Squawk Box."
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He likes names such as UnitedHealth and Aetna. "They've got significant market share off the exchanges, and there's not much risk in terms of the their participation on the exchanges."
"I think the market had this wrong for a couple years when they thought Obamacare was going to be a huge negative for the health insurance companies," he said.
Obamacare requires most Americans to purchase health coverage for next year or face a tax penalty. The online exchanges were set up by the federal and state governments to allow the uninsured to buy plans. The federal-run Healthcare.gov website has been riddled with tech problems—making enrollment more difficult.
—By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.
Disclosure: Neither Raskin nor his family owns any of the stocks mentioned in this article. Barclays owns them and has provided investment banking advice to these companies.