CIGNA (CI) PT Raised to $384 at RBC Capital

RBC Capital analyst Ben Hendrix raised the price target on CIGNA (NYSE: CI) to $384.00 (from $383.00) while maintaining a Outperform rating.

The analyst comments "We are puzzled by share weakness on Thursday, following Cigna's solid first quarter beat and raise. We believe the sell-off is ill timed amid persistent utilization headwinds weighing on Medicare-laden peers. We are encouraged by CI's solid medical cost outperformance on pricing actions into the year and execution on differentiated specialty pharmacy capabilities, which we believe justifies management's long-term growth target of 10-14%, raised at the recent investor day. Reiterate Outperform with a $384 price target (prev. $383)."

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