Morgan Stanley analyst Michael Ha raised the firm’s price target on Elevance Health to $585 from $571 and keeps an Overweight rating on the shares, which the firm now identifies as a “Top Pick.” The firm believes the company is “currently the cleanest story in Managed Care into 2024” with a strong opportunity to achieve 12%-15% EPS growth next year driven by Commercial and Medicare Advantage margin expansion, the analyst tells investors. The firm’s estimate of how much potential 2024 Medicaid margin cushion Elevance may have while still achieving at least 12% EPS growth in 2024 leads it to view the company as “heavily” de-risked from a wide range of potential Medicaid Redetermination headwind scenarios, the analyst added.
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