Wells Fargo Maintained a Buy Rating on Elevance Health (ELV), Kept the PT Unchanged

Elevance Health, Inc. (NYSE:ELV) is one of the 11 Best 52-Week Low Stocks to Buy Right Now. On June 18,  Wells Fargo analyst Stephen Baxter maintained a Buy rating on Elevance Health, Inc. (NYSE:ELV) with a price target of $478. The bullish sentiment came after the company exceeded analyst expectations in the fiscal first quarter of 2025, despite industry challenges.

Elevance Health, Inc. (NYSE:ELV) delivered an operating revenue of $48.8 billion, up 15.4% from Q1 2024, and ahead of expectations by $2.52 billion. The EPS of $11.97 also topped the analyst target by $0.49. This was driven by an increased number of Medical Members, which grew to 45.8 million, up 90,000 since year-end. Management attributed this growth to targeted expansion and strong retention in Medicare Advantage.

In addition, the Individual ACA membership grew about 11% sequentially, but a slowdown is expected in Q2 as some renewals are below expectations. Elevance Health, Inc. (NYSE:ELV) was expecting the first half earnings to account for between 62% to 63% of the full year results. However, due to the slowdown in Individual ACA memberships, it now expects the first half to account for only 60%.

Elevance Health, Inc. (NYSE:ELV) is a health company in the United States, known as a major health insurer. The company aims to improve the health of individuals and communities through an integrated, whole-health approach that addresses physical, behavioral, and social needs.

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