Elevance Health price target lowered to $478 from $585 at RBC Capital

RBC Capital analyst Ben Hendrix lowered the firm’s price target on Elevance Health (ELV) to $478 from $585 and keeps an Outperform rating on the shares after its Q3 earnings miss and guidance cut. Shares traded off as the management lowered its 2024 EPS guidance with Medicaid headwinds seen as larger than anticipated, but the firm’s long-term thesis remains unchanged as it continues to view the Medicaid mix headwinds as temporary, the analyst tells investors in a research note.