ELV: Key Areas of Discussion on the 2Q26 Earnings Call

研报英文原文证据摘录

ELV: Key Areas of Discussion on the 2Q26 Earnings Call

Equity Research

Flash Comment — July 15, 2026

Managed Care

Elevance Health, Inc.

Key Areas of Discussion on the 2Q26 Earnings Call Overweight

Price Target: $492.00

Ticker ELV

Our Call Upside/(Downside) to Target 15.3%

Medicaid was the greatest focus, particularly the perceived disconnect between better Price (07/14/2026) $426.79

rates + trend broadly as expected = unchanged margin guide. ELV discussed taking a 52 Week Range $273.71 - 436.24

prudent approach to booking MA / HIX, particularly given HIX uncertainty in 2026. Market Cap (MM) $94,065

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

EPS Commentary. Noted core operating outperformance of ~25c each from MA / Stephen Baxter, CFA

HIX medical cost favorability. Remaining ~80c of 1x outperformance attributed to Equity Analyst | Wells Fargo Securities, LLC

Stephen.Baxter@wellsfargo.com | 212-214-8041

valuation adjustments in NII which were used to fund LT nonrecurring investments.

Accordingly, OpEx ratio expected to be in upper half of guidance range. Guide raised for James Lemmis

core favorability and ELV reiterated expectations for >12% EPS growth in 2027 from Associate Equity Analyst | Wells Fargo Securities, LLC James.Lemmis@wellsfargo.com | 212-214-5336

2026 baseline.

Mitchell Ostrovsky

Associate Equity Analyst | Wells Fargo Securities, LLC

Medicare Advantage. Performance was ahead of expectations, with ELV citing benefits Mitchell.Ostrovsky@wellsfargo.com | 212-214-7243

from disciplined plan design, favorable claims experience, and a more focused mix

of DNSP / HMO products. That said, MA margin outlook of >2% for the FY remains

unchanged.