Elevance (ELV) PT Lowered to $478 at RBC Capital

RBC Capital analyst Ben Hendrix lowered the price target on Elevance (NYSE: ELV) to $478.00 (from $585.00) while maintaining a Outperform rating.

The analyst comments "ELV shares traded off today as management lowered its 2024 EPS guidance and guided to mid-single-digit EPS growth in 2025, down from its longterm growth target of >12%. Our long-term thesis remains unchanged, as we continue to view the Medicaid mix headwinds as temporary, though we lower our price target to $478 (from $585) on our revised FY25 EPS estimate to reflect the near-term uncertainty presented by the Medicaid acuity timing mismatch. Maintaining Outperform rating."

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