BofA Adjusts Elevance Health (ELV) Target to Reflect Higher Sector Valuations

Elevance Health, Inc. (NYSE:ELV) is included among the 12 Best Long Term US Stocks to Buy Now.

On December 16, BofA lifted its price target on Elevance Health, Inc. (NYSE:ELV) to $385 from $370 and kept a Neutral rating. The firm noted that its higher target reflects richer multiples across the peer group.

Elevance Health, Inc. (NYSE:ELV)’s third-quarter results showed steady execution. The benefit expense ratio landed where management expected it to. Results included about $1 of favorable items below the line, but the core business tracked closely with the outlook shared last quarter.

Management reaffirmed 2025 adjusted EPS of about $30. It continues to view $27 as the right earnings baseline once roughly $3 of nonrecurring items are stripped out. The focus remains on integrating recent acquisitions. Capital returns are also front and center, with share repurchases a priority.

Total operating revenue reached $50.1 billion for the quarter, up 12% year over year. Growth came from higher premium yields, recently closed deals, and rising Medicare Advantage membership. That strength was partly offset by ongoing Medicaid reverifications.

Elevance Health, Inc. (NYSE:ELV), formerly Anthem, is one of the largest health companies in the U.S. It offers health insurance alongside broader, whole-health solutions.

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