Elevance Health's earnings can rebound in 2026 as margins stabilize and core business segments contribute to performance, UBS said in a note on Monday.
The firm noted that Elevance recently lowered its 2025 earnings guidance by $4.50, primarily due to a 90-basis-point increase in its medical loss ratio, which implies $1.43 billion in added medical costs.
"Given where the company is exiting 2025 there appears to be a pathway towards a $30 to $34 starting point for 2026 EPS," the analysts said in the note.
UBS projects EPS could rise to $33.50 in 2026, supported by gains from commercial risk and ASO businesses.
UBS reiterated its buy rating on Elevance with a 12-month price target of $435.
Price: 286.33, Change: -2.77, Percent Change: -0.96
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