Elevance Health (NYSE: ELV) Q2 Earnings: Analyst Price Target, Mixed Results, and Raised Financial Forecast

• RBC Capital lowered its price target for Elevance Health (NYSE: ELV) to $424, still indicating an 8.63% upside from the stock's price of $390.33.
• Elevance Health reported mixed Q2 results, with adjusted EPS of $7.45 beating estimates and operating revenues growing to $49.8 billion, but also a 15.7% decline in adjusted EPS year-over-year and a 1.5% drop in medical membership.
• Despite challenges, Elevance Health raised its full-year 2026 adjusted EPS forecast to at least $27.00 and increased its operating cash flow outlook after reaching $6.2 billion in the quarter.

Elevance Health (NYSE: ELV) is a major American health insurance provider. The company offers a range of health benefit plans and services to individuals, employers, and government-sponsored programs. It also operates Carelon, a division that provides a variety of health services, including pharmacy benefits management through CarelonRx.

On July 16, 2026, RBC Capital lowered its price target for Elevance Health to $424. A price target is an analyst's projection of a stock's future price. At the time, the stock's price was $390.33, meaning the new target still represented a potential upside, or increase, of 8.63% for investors.

This analyst revision follows the release of Elevance Health's second-quarter results. The company reported adjusted earnings per share (EPS) of $7.45, which beat analyst estimates. EPS shows how much profit a company makes for each share of its stock. Operating revenues also grew by 0.8% from the previous year to $49.8 billion.

As highlighted by Zacks, the positive results were driven by higher product revenues from its CarelonRx division. However, the report also contained challenges. The adjusted EPS of $7.45 marked a 15.7% decline from the same quarter last year. The company also saw a 1.5% drop in medical membership and an increase in overall expenses.

Despite these mixed results, Elevance Health raised its own financial forecast for the full year. The company now expects its 2026 adjusted EPS to be at least $27.00. It also lifted its outlook for operating cash flow, which is the cash generated from normal business operations, after it grew to $6.2 billion in the quarter.