BofA Adjusts Elevance Health (ELV) Target to Reflect Higher Sector Valuations

Core Insights - Elevance Health, Inc. (NYSE:ELV) is recognized as one of the 12 Best Long Term US Stocks to Buy Now [1] - BofA has raised its price target for Elevance Health to $385 from $370, maintaining a Neutral rating, reflecting higher sector valuations [2] - The company's third-quarter results demonstrated steady execution, with the benefit expense ratio aligning with management's expectations [3] Financial Performance - Total operating revenue for the quarter reached $50.1 billion, marking a 12% year-over-year increase, driven by higher premium yields, recent acquisitions, and increased Medicare Advantage membership [5] - Management reaffirmed an adjusted EPS target of approximately $30 for 2025, viewing $27 as the appropriate earnings baseline after accounting for nonrecurring items [4] Strategic Focus - The company is prioritizing the integration of recent acquisitions and capital returns, with share repurchases being a key focus area [4]