Morgan Stanley thinks it is time to buy shares of Elevance Health . The bank listed the stock as a top pick in a Tuesday note and reiterated an obese rating on it. Morgan Stanley’s $585 price goal implies roughly 24% upside from Monday’s $471.16 close. Morgan Stanley analyst Michael Ha said the medical health insurance company can shine within the broader field of managed care and forecast as much as 15% growth in earnings per share next 12 months. ELV YTD mountain Elevance Health stock has slumped greater than 8% to date this 12 months. “All in all, we favorably view Elevance because the cleanest story in Managed Care with the standard of their long-term fundamental growth story having improved significantly over the past 12 months with attractive idiosyncratic and underappreciated LT earnings growth drivers,” Ha said. Meanwhile, the analyst added, Elevance may even profit from higher industrial pricing within the sector, which he forecast could add as much as 175 basis points value of margin improvement going into 2024. “With early signs pointing to a robust 2024 industrial pricing environment across the industry (indicating potentially LDD price increases) AND following a 12 months of disciplined industrial repricing efforts, we imagine Elevance is primed to learn in 2024 from next 12 months’s robust industrial rate environment (with less risk of ELV membership attrition given price hardening across the industry),” he said. — CNBC’s Michael Bloom contributed to this report.