Elevance Health stock: Wells Fargo lifts target as Medicaid trends improve
Published on 11/03/2026 at 16:33 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSAnalyst optimism meets sector risks
- Wells Fargo sees earnings growth continuing through 2028.
- Medicaid, Medicare Advantage and health exchanges are central to the revised view.
- Elevance Health raised its full-year outlook after stronger-than-expected third-quarter results.
Wells Fargo has taken a more constructive view of Elevance Health after the insurer's third-quarter results and improving trends in Medicaid and health insurance exchanges. In a report published October 27, the bank raised its target from USD 473 to USD 492 and retained an Overweight rating, according to Investing.com.
Elevance Health stock traded at EUR 370.70 on Lang & Schwarz at 4:30 p.m. CET on Tuesday, November 3, 2026. That was 1.81 percent below the EUR 377.55 quote in the previous AD HOC NEWS report published Monday, November 2.
Wells Fargo raises earnings expectations
Wells Fargo increased its 2026 earnings-per-share estimate by USD 2.00 to USD 30.28, putting the forecast 4.5 percent above consensus. The adjustment included USD 0.75 from stronger core performance, USD 1.85 from one-time valuation benefits and a USD 0.60 tax effect.
The bank projects earnings per share of USD 31.75 in 2027 and USD 39.40 in 2028. Those forecasts stand 5.3 percent and 15.4 percent above consensus, respectively. Wells Fargo said solid earnings growth could continue in 2027 even without additional Medicaid support, reducing the outlook's dependence on one business line.
Margins remain the key swing factor
Medicaid, Medicare Advantage and health insurance exchanges were all described as positive contributors to the revised view. Wells Fargo's valuation uses a 12.5 times multiple on estimated 2028 earnings per share, with scenarios ranging from USD 369 to USD 586 depending on Affordable Care Act and Medicaid margin assumptions.
Elevance Health's third-quarter adjusted diluted earnings per share reached USD 6.99, compared with a USD 4.70 consensus estimate, while revenue reached USD 50.40 billion against a USD 49.32 billion forecast. The company subsequently raised its full-year outlook, giving the analyst revision a stronger operating backdrop.
For investors, the latest view supports monitoring Medicaid enrollment and margins alongside exchange performance. The target remains an analyst estimate rather than a forecast of guaranteed share performance.
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Elevance Health at a glance
- Company: Elevance Health Inc.
- ISIN: US0367521038
- Ticker: ELV
- Home exchange: New York Stock Exchange
- Lang & Schwarz quote: EUR 370.70 on November 3, 2026, at 4:30 p.m. CET
- Change since prior report: 1.81 percent lower than EUR 377.55 on November 2, 2026
