Wall Street Outlook For Elevance Health, Inc. (ELV) Supported By Prior TD Cowen Upgrade

Elevance Health, Inc. (NYSE:ELV) is among the cheap healthcare stocks to buy heading into 2026. As of December 7, Elevance Health, Inc. (NYSE:ELV) has a ‘Buy’ or equivalent rating from slightly more than half of the analysts covering the stock. With a median price target of $394, the stock has an upside potential of 19.12%.

On November 26, TD Cowen increased the price target on Elevance Health, Inc. (NYSE:ELV) to $400.00 from $380.00, with an unchanged ‘Buy’ rating on the stock, naming it as its “Best Idea for 2026.” The firm raised concerns regarding managed care, describing it as a “complicated investment landscape.” TD Cowen noted that the company’s current 2026 EPS consensus estimate is appropriate and supports growth, with the firm increasing its 2026 EPS estimate to $27.25.

Earlier on November 4, Mizuho trimmed its price target on Elevance Health, Inc. (NYSE:ELV) to $400 from $420, while keeping an ‘Outperform’ rating on the stock. The firm also reduced 2026 and 2027 earnings guidance to better reflect added challenges in Carelon.

Elevance Health, Inc. (NYSE:ELV) is an Indiana-based health benefits company operating through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. Founded in 2001, the company is dedicated to simplifying the healthcare system.

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