Elevance Health price target raised to $424 from $403 at Wells Fargo

Wells Fargo raised the firm’s price target on Elevance Health (ELV) to $424 from $403 and keeps an Overweight rating on the shares. For managed care organizations, the firm is most constructive on Medicare Advantage with uncertainty high for Medicaid/Exchanges. Wells sees a more difficult backdrop for hospitals in 2026 as post-COVID tailwinds wane and legislative risks near. Distributor debate remains revisions vs. multiples.