Elevance Health downgraded to Market Perform from Outperform at Leerink

Leerink downgraded Elevance Health (ELV) to Market Perform from Outperform with a price target of $310, down from $510, seeing limited upside in the stock. The firm downgraded Elevance citing its belief that the company will have “no apparent earnings growth” in 2026, “no meaningful investment case for improving sentiment and sector valuations,” and “lingering, potential, and accelerating risks across almost all lines of business and products.” Leerink added that the downgrade to Market Perform aligns with its more cautious sector view on Healthcare Providers and Managed Care.