.July 19, 2024 09:48:00 AM

Baird analysts lowered their price target on Elevance (NYSE:ELV) to $625 from $649 but maintained an Outperform rating. They see short-term challenges like increased Medicaid utilization as a buying opportunity for long-term investors. Despite potential headline risks from the political landscape, they believe Elevance’s long-term growth prospects are strong. The analysts slightly reduced the long-term revenue growth CAGR for 2022-2027 due to recent Medicaid and Medicare Advantage experiences, but emphasized that this adjustment does not reflect any fundamental growth concerns.