RBC Capital analyst Ben Hendrix upgraded Elevance Health (ELV) to Outperform from Sector Perform with a price target of $572, up from $523. The analyst came away from Elevance’s investor day with a greater appreciation for the momentum building in Carelon, specifically in value-based arrangements, which the firm believes will drive earnings growth through 2027. Given the integration progress and growth outlook for Carelon, Elevance should trade at a narrower discount to UnitedHealth (UNH), the analyst tells investors in a research note. RBC says that with Medicaid redeterminations looming, Elevance is well positioned across its commercial coverage, which could lead to accretive membership transition.
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