CIGNA (CI) PT Raised to $284 at Cantor Fitzgerald

May 7, 2021 11:48 AM EDT
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Price: $236.52 -1.28%

Rating Summary:
    24 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 8 | New: 61
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Cantor Fitzgerald analyst Steven Halper raised the price target on CIGNA (NYSE: CI) to $284.00 (from $260.00) while maintaining an Overweight rating.

The analyst commented, "Before the market open on Friday, May 7, Cigna reported better-than-expected 1Q21 results. Revenue was ahead of our estimate and FactSet consensus at $41 billion. Adjusted EPS of $4.73 was also above our estimate of $4.20 and FactSet consensus of $4.37. MLR was a touch lower than our estimate and slightly above consensus. The company now indicates that 2021 adjusted EPS would be "at least $20.20" compared to previous guidance of "at least $20.00". Guidance still reflects about $1.25 per share in COVID headwind. We view the company's 2021 revised guidance positively. We continue to expect 2022 EPS to grow by about 14% from our 2021 estimate. CI shares are inexpensive at just 11x our 2022 EPS estimate. As the company executes on its long-term earnings goals, we expect valuation levels to move higher over time."

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