Elevance Health price target lowered to $330 from $350 at BofA

BofA analyst Kevin Fischbeck lowered the firm’s price target on Elevance Health (ELV) to $330 from $350 and keeps a Neutral rating on the shares. The market was bracing for a guidance cut at Elevance following news from peers Centene (CNC) and Molina Healthcare (MOH), but the magnitude of the cut was bigger than expected, the analyst tells investors. Such cuts often can be a clearing event, but the market had “more questions than answers” after learning that Q2 was weaker than it looked due to a one-time provider settlement and 2025 benefitted from lower taxes, the analyst added.