Elevance Health price target raised to $620 from $600 at Truist

Truist analyst David MacDonald raised the firm’s price target on Elevance Health to $620 from $600 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in Healthcare Services. The sector offers “attractive core demand drivers”, ongoing M&A opportunity, and strong relative positioning, and while “ongoing selectivity” remains important, the firm remains bullish on the group’s long-term drivers – demographics, move to value-based care, and site of service redirection – underpinning its solid growth, the analyst tells investors in a research note. For the company, Truist sees the recently announced partnership with Clayton, Dubilier & Rice advancing primary care as a meaningful growth opportunity paving the way for further downside risk penetration.