Elevance Health stock: Wells Fargo raises target to USD 492

Published on 10/30/2026 at 11:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Wells Fargo kept an Overweight rating after constructive trends in Medicaid and exchanges. The bank also raised its earnings estimates through 2028.

Analyst outlook and earnings drivers

Wells Fargo cited constructive trends in Medicaid and health insurance exchanges.
The brokerage lifted its 2026 earnings-per-share estimate and sees further growth potential through 2028.
Elevance Health recently reported stronger-than-expected third-quarter results and raised its full-year outlook.

Elevance Health, US0367521038, Illustration mit AI erstellt.

Wells Fargo raised its price target for Elevance Health from USD 473 to USD 492 on October 27, 2026, while maintaining an Overweight rating. The brokerage cited constructive third-quarter performance, with upside flowing through from Medicaid and health insurance exchanges, according to Investing.com.

Wells Fargo increased its 2026 earnings-per-share estimate by USD 2.00 to USD 30.28. The change included USD 0.75 from stronger core performance, USD 1.85 from one-time valuation benefits and a USD 0.60 tax effect. The revised estimate stood 4.5 percent above the reported consensus forecast of USD 29.33.

Medicaid remains a key swing factor

The brokerage said Medicaid, Medicare Advantage and health insurance exchanges were trending positively. It also expects Elevance Health to deliver solid earnings growth in 2027 even without additional help from Medicaid. Wells Fargo's estimates for 2027 and 2028 earnings per share were above consensus, reflecting a more constructive view of the insurer's earnings trajectory.

The target uses a 12.5 times multiple on estimated 2028 earnings per share. Wells Fargo also outlined upside and downside scenarios of USD 586 and USD 369, based on different assumptions for Affordable Care Act and Medicaid margins and valuation multiples. These scenarios underline the sensitivity of the investment case to government-sponsored health programs and margin development.

Recent results support the revised view

Elevance Health reported adjusted diluted earnings per share of USD 6.99 for the third quarter, above the consensus estimate of USD 4.70. Revenue reached USD 50.40 billion, exceeding the reported forecast of USD 49.32 billion. Following the results, the company raised its full-year outlook, strengthening the backdrop for the latest analyst revision.

Elevance Health stock traded at EUR 377.35 on Lang & Schwarz at 11:34 CET on Friday, October 30, 2026. Investors will continue to focus on Medicaid performance, exchange enrollment and the sustainability of earnings growth as the company executes its updated outlook.

For investors following the security, the real-time quote of Elevance Health stock is available separately.

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Further developments can be followed in more news and analyses on Elevance Health stock.