Elevance Health stock: Wells Fargo raises target to USD 492

Published on 11/02/2026 at 12:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Wells Fargo lifted its target for Elevance Health stock after constructive Medicaid and exchange trends. The bank also raised earnings estimates through 2028.

Wells Fargo sees earnings upside

Wells Fargo kept an Overweight rating after constructive Medicaid and health exchange trends.
The bank placed its 2026 earnings estimate above consensus and sees further growth in 2027 and 2028.
Elevance Health recently reported stronger-than-expected third-quarter revenue and adjusted earnings.

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 retaining an Overweight rating. The bank cited constructive third-quarter results and improving trends in Medicaid, Medicare Advantage and health insurance exchanges, according to Investing.com.

The analyst said upside in Medicaid and exchanges was beginning to flow through after positive intra-quarter commentary. Core earnings increased by USD 0.75, with the three businesses showing positive trends. The assessment points to improving operating momentum across several of Elevance Health's major coverage and service lines.

Higher estimates through 2028

Wells Fargo lifted its total 2026 earnings-per-share estimate by USD 2.00. The increase included USD 0.75 from stronger core performance, USD 1.85 from one-time valuation benefits and a USD 0.60 tax impact. The resulting 2026 EPS estimate of USD 30.28 was 4.5 percent above the consensus estimate of USD 29.33.

The bank also projected EPS of USD 31.75 for 2027 and USD 39.40 for 2028. Those estimates were 5.3 percent and 15.4 percent above consensus, respectively. Wells Fargo said solid EPS growth remained possible in 2027 even without support from Medicaid, which makes the outlook less dependent on a single business line.

The revised target uses a 12.5 times multiple on estimated 2028 EPS. Wells Fargo's scenario analysis ranged from USD 369 on weaker Affordable Care Act and Medicaid margin assumptions to USD 586 under more favorable conditions and a higher valuation multiple. These scenarios highlight the sensitivity of the valuation to health-plan margins and policy-related business trends.

Quarterly results support outlook

Elevance Health's third-quarter results were also cited in the report as stronger than expected. Adjusted diluted EPS reached USD 6.99 against a consensus estimate of USD 4.70, while revenue came to USD 50.4 billion compared with a forecast of USD 49.32 billion. The company subsequently raised its full-year outlook.

Other analysts also increased their targets after the earnings update. Bernstein moved its target to USD 520, BofA Securities raised its target to USD 500 and Guggenheim increased its target to USD 485, according to the Investing.com report. Those changes indicate broader analyst attention to the earnings beat, although the target revisions remain estimates rather than guarantees of future share performance.

The real-time quote of Elevance Health stock traded at 377.55 euros on Lang & Schwarz at 12:24 CET on Monday, November 2, 2026.

Elevance Health stock sits within the broader US equity market represented by the S&P 500.

More news and analyses on Elevance Health stock.