Elevance Health price target lowered to $447 from $518 at Guggenheim

Guggenheim lowered the firm’s price target on Elevance Health (ELV) to $447 from $518 and keeps a Buy rating on the shares. Sentiment on the name has weakened into the Q2 print despite Elevance reiterating Q2 guidance alongside its late-May update, the analyst tells investors in a research note. The firm estimates that every 50 basis points of medical loss ratio pressure on Medicaid and Health Insurance Exchange represent annualized EPS headwinds of ~$1 and ~20c, respectively. Guggenheim views a 2025 earnings bar reset on downside trend scenarios as an attractive entry point.