Morgan Stanley has initiated coverage on Elevance Health Inc (NYSE:ELV), an American health insurance provider formerly Anthem Inc, citing compelling risk-reward. Related: Elevance Health Clocks $2.2B Q1 Net Profit Despite 21% Drop In Medicaid Enrollment, Lifts Annual Guidance. The analyst writes that Elevance Health’s story is centered on its resilience through diversified offerings, balancing its presence in the growing Medicare Advantage segment with its Commercial and Medicaid segments. This balance helps Elevance withstand regulatory challenges in Medicare Advantage and macroeconomic cycles affecting Commercial. Additionally, the potential for growth in its Pharmacy Benefit Management (PBM), Specialty Pharmacy, and Carelon Services is undervalued, with various factors supporting ...