Elevance Health received a bullish analyst upgrade from Wells Fargo, which raised its price target to USD 492 and maintained an Overweight rating following improved trends in Medicaid, Medicare Advantage, and health exchanges. The bank cited stronger-than-expected third-quarter results as the primary driver for this constructive shift in outlook, noting that Elevance Health has successfully raised its full-year guidance. Wells Fargo significantly increased its earnings-per-share estimates for Elevance Health, projecting USD 30.28 for 2026, which is 4.5% above consensus. The bank attributes a substantial portion of this growth to core business performance rather than one-time valuation benefits, forecasting continued solid earnings expansion through 2027 and 2028 even without additional Medicaid support. Elevance Health reported robust third-quarter financials with adjusted diluted earnings per share of USD 6.99 against a consensus of USD 4.70, while revenue reached USD 50.40 billion versus the forecasted USD 49.32 billion. These strong operating metrics provided the necessary backdrop for the analyst to view the company's future growth trajectory more favorably. The bank utilizes a valuation multiple of 12.5x on estimated 2028 earnings, with scenarios ranging from USD 369 to USD 586 depending on Affordable Care Act and Medicaid margin assumptions. This upgrade highlights the market's growing confidence in Elevance Health's diversified portfolio and its ability to sustain growth across key business lines.