Wolfe Research Upgrades Elevance (ELV) to Outperform

Wolfe Research analyst Justin Lake upgraded Elevance (NYSE: ELV) from Peerperform to Outperform with a price target of $425.00.

The analyst comments: "We see a compelling path forward for ELV post what we expect will be conservatively biased 2026 guidance – more on the guide below - when the co. reports Q4’25 results on 1/28. In particular, our 2026 est. puts a likely bottom in #s, which as seen w/both CVS and UNH is the first step in improving sentiment and from there the story should be about potential upside drivers which include Med Adv in the NT, Exchanges in 2027 and $11+ of untapped earnings power in the Medicaid segment in 2028 and beyond. Our $425 PT is 13.5x on our 2027 EPS est. of $31.50, while a reasonable LT multiple we see it as conservatively biased given $40-$45 of earnings power illustrated in Exhibit 2 on page 3 of this note should lead to above average growth in intermediate term beyond 2026."

For an analyst ratings summary and ratings history on Elevance click here. For more ratings news on Elevance click here.

Shares of Elevance closed at $366.69 yesterday.

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