RBC Capital downgraded Elevance Health (ELV) to Sector Perform from Outperform with a price target of $358, down from $392. While “encouraged” by management’s confidence in underlying performance, the firm is stepping to the sidelines on the softer than expected 2026 guidance and go-forward margin outlook, the analyst tells investors. The firm, which maintains its target PE multiple on its revised 2026 EPS, sees “little reason to reach beyond long-term historical average valuation levels,” the analyst added.
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