Elevance Health price target lowered to $550 from $565 at Loop Capital

Loop Capital analyst Joseph France lowered the firm’s price target on Elevance Health to $550 from $565 but keeps a Buy rating on the shares. The company’s Q1 results were "strong" and demand is recovering post-pandemic, but it has not been dramatic, while the industry clearly expected trend to pickup when pricing this year’s business, the analyst tells investors in a research note. Loop adds that Elevance Health is also dealing with the issue of "earnings quality", as its decline in days claims payable reflects potential under-reserving.