Elevance Health price target lowered to $435 from $484 at UBS

UBS analyst AJ Rice lowered the firm’s price target on Elevance Health (ELV) to $435 from $484 and keeps a Buy rating on the shares following the Q2 earnings report. While it was not surprising that Elevance faced pressure in Medicaid and the Marketplace given MCO peer preannouncements, the size of the EPS reduction was greater than anticipated, the analyst tells investors in a research note. UBS believes the company can lean on its commercial and Carelon segments for earnings stability and growth during this period of volatility.