BofA analyst Kevin Fischbeck downgraded Elevance Health (ELV) to Neutral from Buy with a price target of $530, down from $646. In Q2, both UnitedHealth (UNH) and Elevance signaled incremental Medicaid pressure, notes the analyst, who sees this making it difficult to have conviction about where and when Medicaid margins will trough. Although some premium is warranted for Elevance, there sees the current gap to peers like Centene (CNC), Cigna (CI) and Molina Healthcare (MOH) limiting the upside, the analyst added.
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