Elevance Health price target raised to $600 from $580 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Elevance Health to $600 from $580 and keeps an Overweight rating on the shares after the company reported Q1 EPS that beat consensus, telling investors that the firm continues to view Elevance as a 2024 top pick and believes it is positioned to outperform for the remainder of the year. Takeaways that leave the firm “incrementally positive for the remainder of 2024” include what it calls a “conservative reserves boost vs. peers,” more front-end loaded rate renewals, an EPS guidance raise, recent deal synergy and a recovery from the Change outage faster than peers.