B of A Securities upgrades ELV from Neutral to Buy

The Rating Action

B of A Securities upgraded Elevance Health (ELV) from Neutral to Buy on 2026-04-29. The $81.7B market-cap healthcare plan issuer was trading at $373.03 per share on the prior session, with a daily negative price change of 0.90059%.

Coverage History & Consensus

As of April 1, 2026, the broader ELV analyst consensus split 3 Strong Buy, 11 Buy, 9 Hold, with no Sell or Strong Sell ratings across tracked coverage. Prior to this upgrade, B of A held a Neutral rating, aligning with the 9 Hold-side analysts. The upgrade shifts the firm’s stance to match the majority of covered analysts, who now hold either Buy or Strong Buy ratings. No changes to the consensus distribution were noted between January 1 and April 1, 2026, making this B of A’s first rating adjustment to ELV in over four months.

Cross-Reference to Fundamentals & Insider Activity

This rating change follows the April 22, 2026 Q1 2026 earnings release filed via SEC Form 8-K and 10-Q, where Elevance reported adjusted EPS of $12.58, a 14% beat over the consensus estimate of $11.03, and total revenue of $49.494 billion, exceeding the $48.201 billion consensus forecast. Insider activity in March 2026 also provides contextual data: director Steven H. Collis filed a Form 4 on March 6, 2026, reporting a $869,520 purchase of 3,000 shares at $289.84 per share, while EVP & President of Commercial Kendrick Charles Morgan Jr. sold 3,196 shares on March 9 at $284.92 for $910,604.

What This Rating Change Does NOT Signal

1. No disclosed price target was included in the available context, so the upgrade does not reference a formal valuation range for ELV shares.

2. The rating action was finalized on April 29, 2026, so it does not reflect the May 1, 2026 Business Wire primary care practice recognition award or April 30, 2026 small business cost savings announcement.

3. It does not address the December 31, 2025 13F institutional positioning data showing 617 holders reduced their ELV float exposure, a trend not cited in B of A’s updated rating.