Elevance Health price target lowered to $480 from $520 at Truist

Truist lowered the firm’s price target on Elevance Health (ELV) to $480 from $520 and keeps a Buy rating on the shares as part of a broader research note previewing 2025 for Healthcare Services. The firm sees the outlook for the group as “mixed”, with bullish stance on the underlying demand drivers and overarching sector tailwinds that include demographics, value-based care, and core demand being offset by heightened concern around a likely more cost focused government backdrop. Selectivity is key and cash flow generation with broadly attractive financial flexibility are set to provide solid support, while the recent valuation re-rating for several names provides a better setup around risk/reward, the analyst tells investors in a research note.