Elevance Health initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Erin Wright initiated coverage of Elevance Health with an Overweight rating and $643 price target. The company’s managed care platform should benefit from “diversified profit drivers” across multiple health benefits verticals, pharmacy solutions, and provider offerings, the analyst tells investors in a research note. The firm expects consistent double digit earnings growth and sees a “compelling” risk/reward at current share levels.