Morgan Stanley analyst Michael Ha upgraded Elevance Health to Overweight from Equal Weight with a price target of $571, up from $500. The analyst sees "strong potential" for long-term earnings growth upside from Elevance fully scaling BioPlus and capturing the Humira biosimilar "tailwind." These two factors could add up tp 290 basis points of upside to the company’s long-term earnings growth, the analyst tells investors in a research note. A fully scaled BioPlus should "greatly enhance" Elevance’s earnings growth profile, warranting a narrower valuation discount to S&P 500 Index than historically seen, writes Morgan Stanley.
Published first on TheFly
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