Wolfe Research downgraded Elevance Health to Peer Perform from Outperform without a price target. While the strock’s valuation is compelling, Wolfe is taking a more cautious stance on managed care following channel checks that indicated emerging cost pressure in the commercial market. The firm downgraded the managed care sector to Peer Perform from Outperform based more on concerns around how the group responds to a further increase in trends. It has a $413-$456 target range for Elevance.
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