Stephens analyst Scott Fidel downgraded Elevance Health (ELV) to Equal Weight from Overweight with a price target of $440, down from $520. Despite the company having previously cut expectations in conjunction with its Q3 earnings report, the firm sees a “formidable set of percolating risks” to the current Street 2025 adjusted EPS forecast, the analyst tells investors. While certain risks apply industry-wide, the firm’s stock-specific concerns include Elevance’s above-average Medicaid+HIX business mix and the Street likely overly front-end weighting 2025 EPS progression, the analyst noted.
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