Deutsche downgrades Elevance Health on managed care uncertainty

Deutsche Bank analyst George Hill downgraded Elevance Health (ELV) to Hold from Buy with a price target of $320, down from $332. The firm expects the company’s initial 2026 outlook to be inline with expectations. Elevance’s managed care business continues to face regulatory uncertainties, a challenging rate environment and rising utilization, the analyst tells investors in a research note. Deutsche cites its reduced estimates and Elevance’s challenging macro environment for the downgrade. It views the company’s 2026 as a year of transition.