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Wire

UnitedHealth, CVS, Cigna Seen Benefiting From Utilization Trends, AI Upside, Morgan Stanley Says

UnitedHealth (UNH), CVS Health (CVS) and Cigna (CI) are among the managed-care companies that could benefit from improving utilization trends and potential artificial intelligence-driven efficiency gains across the healthcare system, Morgan Stanley said in a note Thursday.The firm said early signs of softer utilization have supported recent gains in managed-care stocks. The group has delivered a series of medical-loss-ratio beats in Q1 and some companies raising guidance. However, it noted that investors are still awaiting clearer confirmation of underlying trends and utilization signals remaining mixed ahead of Q2 results.AI adoption is increasingly embedded across managed-care operations, including prior authorization, call centers, provider portals, care management, pharmacy utilization and payment integrity.Morgan Stanley said UnitedHealth stands out as a leading "AI enabler," particularly through Optum Insight initiatives, which support both efficiency gains and potential revenue upside.The firm's scenario analysis assumes 0.5% to 2.0% AI-driven insurance margin expansion, which could translate into an illustrative 18% to 71% EPS upside across managed-care companies. It added that administrative workflows, particularly prior authorization, remain key areas of automation potential.Morgan Stanley boosted its price targets on UnitedHealth, CVS Health, Elevance Health (ELV), Centene (CNC), Molina Healthcare (MOH), and Humana (HUM).Price: $399.90, Change: $+22.90, Percent Change: +6.07%

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Sectors

Sector Update: Healthcare Stocks Softer Late Afternoon

Healthcare stocks declined late Friday afternoon, with the NYSE Healthcare Index decreasing 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.9%.The iShares Biotechnology ETF (IBB) eased 0.1%.In corporate news, AstraZeneca's (AZN) Alexion Rare Disease unit said Friday that a phase 3 program evaluating anselamimab in light chain amyloidosis did not meet its primary endpoint in the overall patient population. Its shares were down 0.2%.The Centers for Medicare & Medicaid Services will not impose intermediate sanctions on Elevance Health (ELV) at this time based on the health insurer's attestation to corrective action steps it has taken, the agency said Friday. CMS notified Elevance in February of its determination to impose intermediate sanctions for "substantial and persistent noncompliance with Medicare Advantage risk adjustment data submission requirements." Elevance shares rose 0.3%.Becton, Dickinson (BDX) said it has resumed US shipments of ChloraPrep after completing additional assessments and implementing final release testing. The shares were down 0.9%.Replimune (REPL) shares surged 84% after the firm said Friday it will resubmit its biologics license application for vusolimogene oderparepvec for advanced melanoma in the coming days.

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Sectors

Sector Update: Healthcare

Healthcare stocks declined late Friday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each shedding 0.9%.The iShares Biotechnology ETF (IBB) eased 0.1%.In corporate news, the Centers for Medicare & Medicaid Services will not impose intermediate sanctions on Elevance Health (ELV) at this time based on the health insurer's attestation to corrective action steps it has taken, the agency said Friday. CMS notified Elevance in February of its determination to impose intermediate sanctions for "substantial and persistent noncompliance with Medicare Advantage risk adjustment data submission requirements." Elevance shares rose 0.3%.

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Wire

Elevance Health Avoids CMS Sanctions After Attesting to Corrective Steps

The Centers for Medicare & Medicaid Services will not impose intermediate sanctions on Elevance Health (ELV) at this time based on the health insurer's attestation to corrective action steps it has taken, the agency said Friday.CMS notified Elevance in February of its determination to impose intermediate sanctions for "substantial and persistent noncompliance with Medicare Advantage risk adjustment data submission requirements."In its attestation, Elevance said it has completed the initial submission in CMS' established electronic systems, remitted a wire transfer of the total overpayment amount based on all auditable estimates and uploaded spreadsheets showing each Overpayment ID, according to CMS.Elevance didn't immediately reply to a request for comment from.Price: $393.90, Change: $+1.15, Percent Change: +0.29%

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Wire

Elevance Health Avoids CMS Sanctions After Attesting to Corrective Steps

Elevance Health Avoids CMS Sanctions After Attesting to Corrective Steps

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Insider Trading

Elevance Health Insider Sold Shares Worth $617,192, According to a Recent SEC Filing

Ronald W Penczek, Chief Accounting Officer & Controller, on May 19, 2026, sold 1,531 shares in Elevance Health (ELV) for $617,192. Following the Form 4 filing with the SEC, Penczek has control over a total of 4,109 common shares of the company, with 4,109 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1156039/000165907526000004/xslF345X05/wk-form4_1779307888.xml

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Research

Deutsche Bank Upgrades Elevance Health to Buy From Hold, Adjusts PT to $498 From $363

Elevance Health (ELV) has an average rating of overweight and mean price target of $392.86, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Research

Research Alert: CFRA Maintains Hold Rating On Shares Of Elevance Health

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month price target to $435 from $360, reflecting 16.2x our 2026 EPS estimate, above ELV's three- and five-year historical forward averages of 12.7x and 14.1x, respectively. We lift our 2026 EPS estimate by $0.14 to $26.91 and our 2027 EPS estimate by $0.14 to $29.22. We upgraded our 12-month fundamental outlook for the managed health care sub-industry to neutral from negative, with ELV and peers taking steps to improve profitability via increased medical premiums, strategic portfolio shifts/exits, and heightened focus on cost control within an elevated medical cost landscape. We anticipate that these actions may improve margins and profitability looking ahead to 2027-2028 and think valuations could gradually improve.

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Wire

Elevance Health Shares Rise After BofA Securities Upgrade

Elevance Health (ELV) shares rose 2.5% in Wednesday trading after BofA Securities upgraded the stock to buy from neutral, with a price target of $435.Trading volume stood at about 1.4 million shares, compared with a daily average of over 1.9 million.Price: $371.74, Change: $+9.00, Percent Change: +2.48%

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Research

BofA Securities Upgrades Elevance Health to Buy From Neutral, $435 Price Target

Elevance Health (ELV) has an average rating of overweight and mean price target of $384.05, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Wire

Guggenheim Adjusts Elevance Health Price Target to $399 From $396, Maintains Buy Rating

Elevance Health (ELV) has an average rating of overweight and mean price target of $380.29, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $346.34, Change: $+0.04, Percent Change: +0.01%

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Wire

Leerink Partners Adjusts Elevance Health Price Target to $364 From $357, Maintains Market Perform Rating

Elevance Health (ELV) has an average rating of overweight and mean price target of $380.29, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $346.34, Change: $+0.04, Percent Change: +0.01%

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Wire

Elevance Health's Tone on 2027 Commercial Pipeline 'Constructive,' RBC Says

Elevance Health's (ELV) tone on the 2027 commercial pipeline was "constructive," RBC Capital Markets said in a note emailed Thursday.Analysts said that the company's Q1 core performance beat expectations, supported by favorable Medicare claims experience, a better-than-anticipated adjusted operating expense ratio, and early traction with Medicaid cost actions.RBC said it is still cautious on the stock as Elevance navigates an elevated Medicaid cost environment, ongoing Affordable Care Act risk-pool uncertainty, and 2027 Medicare Advantage rates, which continue to fall behind trend.Analysts lowered their Q2 adjusted earnings per share estimate for the company to $6.14 from $6.64. Analysts polled by FactSet expect $6.38.RBC, however, increased the full-year 2026 adjusted earnings per share estimate to $26.82 from $25.55. Analysts surveyed by FactSet expect $26.43.Analysts maintained a sector perform rating on the stock and a $358 price target.Price: $343.85, Change: $+15.65, Percent Change: +4.77%

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Wire

Barclays Adjusts Price Target on Elevance Health to $408 From $393, Maintains Overweight Rating

Elevance Health (ELV) has an average rating of overweight and mean price target of $376.24, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $342.37, Change: $+14.17, Percent Change: +4.32%

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Wire

Deutsche Bank Lifts Price Target on Elevance Health to $363 From $332, Keeps Hold Rating

Elevance Health (ELV) has an average rating of overweight and mean price target of $376.24, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $339.04, Change: $+10.84, Percent Change: +3.30%

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Research

Research Alert: CFRA Maintains Hold Rating On Shares Of Elevance Health Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month price target by $40 to $360, reflecting a 13.5x multiple of our 2026 EPS estimate, a small premium to ELV's three-year historical forward average of 12.7x but below the five-year average of 14.1x. We raise our 2026 EPS estimate to $26.77 from $26.05 and lower our 2027 EPS estimate to $29.08 from $29.56. Our negative fundamental outlook for the managed care sub-industry considers elevated medical cost trends, Affordable Care Act (ACA) subsidies expiration, Medicare reimbursement challenges, headwinds for Medicaid membership, and spending under the One Big Beautiful Bill Act (OBBBA). Though we look favorably on the Q1 outperformance and earnings guidance raise, we note that roughly $1.00 of the $1.25 EPS guidance increase (now set at $26.75 or greater) reflects nonrecurring net investment income. Shares yield 2.1%.

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Research

Research Alert: Elevance: Q1 Eps Beats Despite Elevated Medical Costs, Membership Declines

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ELV reported Q1 2026 adjusted EPS of $12.58 vs. consensus of $11.97, beating by $1.77 (16.4%), while operating revenue grew 1.5% to $49.5B despite membership declining 0.9% to 45.4M. Benefit expense ratio of 86.8% remained elevated (up 40 bps), though operating expense ratio surged to 12.8% (up 210 bps) due to a $935M accrual for CMS noncompliance costs. We view the report as positive for ELV's gradual recovery toward prior profitability levels after recent challenges with higher medical costs and utilization. Management raised full-year EPS guidance to at least $26.75 from $25.50 previously. Strong cash flow enabled return of ~$1.5B to shareholders ($1.1B in buybacks, ~$376M in dividends) during the quarter, with $5.6B remaining on the share repurchase authorization. We see improvement in Medicare performance as encouraging, though membership trends reflect strategic repositioning efforts including a 15.8% decline in Medicare Advantage to 1.9M members.

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US Markets

Stocks Rise Pre-Bell as Trump Extends Iran Ceasefire; Tesla Earnings On Deck

The main US stock measures were trending higher in Wednesday's premarket activity after President Donald Trump extended the two-week US ceasefire with Iran, while traders await the latest round of corporate earnings, including results from Tesla (TSLA).The S&P 500 rose 0.6%, the Dow Jones Industrial Average increased 0.5% and the Nasdaq added 0.7% before the opening bell. The indexes finished Tuesday trading lower for the second consecutive session.In a social media post on Tuesday, Trump announced the extension of the two-week US ceasefire deal with Iran, citing a request by Pakistan's Prime Minister Shehbaz Sharif and Field Marshal Asim Munir. The truce was announced on April 7. The naval blockade of Iranian ports will continue, according to Trump."We have been asked to hold our attack on the country of Iran until such time as their leaders and representatives can come up with a unified proposal," Trump said in the post. "I have therefore directed our military to continue the blockade and, in all other respects, remain ready and able, and will therefore extend the ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other."Iranian state news outlet Tasnim reported that negotiators from Tehran won't participate in further peace talks with their US counterparts, according to CNBC. US Vice President JD Vance's expected trip to Islamabad for peace talks with Iran has been called off, CNN reported, citing a White House official.West Texas Intermediate crude oil inclined 1.3% to $90.83 a barrel in premarket action, while Brent rose 1.1% to $99.56.The Trump administration is evaluating a potential extension of a maritime shipping waiver to make it easier to move oil and gasoline between US ports, Bloomberg News reported Wednesday, citing people familiar with the matter.Electric vehicle giant Tesla is scheduled to release its latest quarterly results after the markets close, along with International Business Machines (IBM) and Texas Instruments (TXN). GE Vernova (GEV), Philip Morris International (PM), AT&T (T), Boeing (BA), Boston Scientific (BSX) and Elevance Health (ELV) post earnings before the bell, among others.Intuitive Surgical (ISRG) shares advanced 2% pre-bell as the company lifted the full-year procedure growth outlook of its da Vinci robotic surgery system and reported better-than-expected first-quarter results. Advanced Micro Devices (AMD) gained 2%.Kevin Warsh said Tuesday that the Federal Reserve, under his leadership, would be independent from the White House, CNBC reported. Warsh, who is Trump's Fed chair nominee, made the remarks at his Senate Banking Committee confirmation hearing.Treasury yields were moving down before the open, with the two-year rate retreating 0.8 basis points to 3.77% and the 10-year rate off 1 basis point to 4.28%.Official data on Tuesday showed that retail sales last month logged the largest rise since March 2025 amid a surge in spending at gasoline stations as the Middle East conflict boosted energy prices.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.Gold rose 1.1% to $4,769 per troy ounce, while bitcoin climbed 3.9% to $78,172.

Dow JonesNasdaq CompositeS&P 500$AMD$BA$BSX$ELV$GEV$IBM$ISRG$PM$T$TSLA$TXN
Wire

Baird Adjusts Price Target on Elevance Health to $317 From $340, Maintains Neutral Rating

Elevance Health (ELV) has an average rating of overweight and mean price target of $373.48, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $309.43, Change: $-3.92, Percent Change: -1.25%

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