Core Viewpoint - UBS maintains a "Buy" rating on Elevance Health with a target price of $435, indicating a potential upside of nearly 53% from the current closing price of $283.48 [1] Financial Performance - Elevance Health reported Q2 revenue of $49.8 billion, exceeding market expectations [1] - Adjusted earnings per share (EPS) for the quarter were $8.84, in line with market expectations [1] Earnings Guidance - The company lowered its full-year EPS guidance by $4.50, which translates to a pre-tax profit reduction of $1.3 billion [1] - Elevance Health raised its 2025 medical loss ratio forecast by 90 basis points [1] Market Factors - The increase in medical loss ratio expectations is attributed to unfavorable cost trends in the Affordable Care Act (ACA) exchanges and Medicaid business [1] - Despite the challenges, UBS remains optimistic about the potential profitability and growth in the commercial insurance and Carelon business segments [1]