Elevance Health: First Through the Breach: ELV Reports Q2, Modest Guide Raise

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Elevance Health: First Through the Breach: ELV Reports Q2, Modest Guide Raise

Deutsche Bank

Research

Rating Company Date

Buy Elevance Health 16 July 2026

North America Reuters Bloomberg Rating Buy

United States ELV.N ELV US Price target (USD) 492.00 Price at 15 Jul 26 390.33

52-week range 426.79 – 273.13

Health Care

Managed Care Valuation & Risks

First Through the Breach: ELV Reports Q2,

Modest Guide Raise GeorgeResearchHillAnalyst

+1-212-2507822

D.C. the First Domino to Fall: Medicaid Exits Takeover 2Q Earnings Call: Elevance

Graham Harris recently reported second quarter 2026 results that we believe reflect a Research Associate

complicated and messy beat and raise. Management raised full-year 2026 +1-929-701-6999

adjusted diluted EPS to at least $27, up from the previous guide of at least $26.75.

The outlook raises more questions than answers, as Q2 beat expectations by Maxi Ma, CFA

Research Associate effectively ~$0.50 but guide was only raised by a quarter, implying a tougher

+1-901-338-2175

second half outlook. However, a tougher second half does not jive with

management commentary of improving rates and one-time gains. The second Liz Li

quarter benefited from $0.80 of non-recurring below the line favorability that ELV Research Associate

intends to use to fund one-time investments in the back half of the year and +1-617-251-2782

continues to expect 2027 adjusted EPS growth of 12% on a 2026 baseline of $26.

The new news out of the earnings call is ELV continues to face pressure in the

Medicaid business and announced that the company will be exiting plans in the Key changes

Washington D.C. market and expects to exit 1-4 additional states in the next 12- Price target (USD) 498 492 -1%

18 months. The message here seems to be that swaths of the Medicaid business