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."
"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.
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.