ELV 2Q26 Earnings; Buyers on the Dip, 2026 Caid Guidance Holds (=/-), but 2027 Recovery Thesis Unchanged (+)

Research evidence excerpt

ELV 2Q26 Earnings; Buyers on the Dip, 2026 Caid Guidance Holds (=/-), but 2027 Recovery Thesis Unchanged (+)

Healthcare Services

Elevance Health, Inc. (ELV)

EQUITY RESEARCH Company Update

July 15, 2026

ELV 2Q26 Earnings; Buyers on the Dip, 2026 Caid Price: $383.04

Price Target: $450.00 Guidance Holds (=/-), but 2027 Recovery Thesis

Rating: Overweight Unchanged (+)

Key Statistics:

Symbol NYSE: ELV We view ELV's sell-off today (07/15) as overdone & are reiterating our

52-Week Range 273.71 - 436.24 Overweight rating and $450 price target. ELV raised 2026 guidance while

Market Cap 92,682.7 banking upside through the remainder of the year, & demonstrating that

ADV (3 mo) 1,714,486 prior investments are driving stronger performances across the enterprise.

EV ($M) 111,584 We recognize & agree that if ELV comes in at its (1.75%) 2026 Medicaid

Shares Out (M) 217.2

margin guidance it's a disappointment, but we consider today's sell-off as

the clearing event on that guidance & are shifting focus towards optimism Research Analysts: that 2026 is trough. Enterprise-wide, we were encouraged that ≥12% EPS Sarah James

212-829-5203 was reaffirmed in 2027 & that ELV is not reliant on one business line to drive

Sarah.James@cantor.com this performance.

Gabie Ingoglia

212-610-2238 Bridging to updated 2026 EPS guidance following 2Q26 outperformance.

Gabie.Ingoglia@cantor.com ELV raised 2026 EPS guidance by $0.25 to ≥$27.00 from prior ≥$26.75. 2Q26

EPS came in ~$1.30 better than internal expectations, comprised of $0.50 of REV ($M) operational outperformance ($0.25 MA & $0.25 HIX) & $0.80 of net below-

FYE Dec 2025A 2026E 2027E the-line benefit, but only the MA outperformance drove the full-year raise. 1Q $48.9 $50.2A $50.7