BofA lowered the firm’s price target on Elevance Health to $580 from $620 and keeps a Buy rating on the shares. MCOs were pressured in 2023 from sector rotation, heightened regulatory scrutiny, trend concerns, and deal uncertainty, but broadly the firm remains bullish on managed care and sees 2024 being about the group resetting expectations, getting back to consistent beats and raises and working through overhangs.
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