CIGNA (CI) PT Raised to $407 at Jefferies

Jefferies analyst David Windley raised the price target on CIGNA (NYSE: CI) to $407.00 (from $385.00) while maintaining a Buy rating.

The analyst commented: "CI posted the best MLR beat in MCOs, by far, even with a relatively large "extra" reserve for CHNG. That certainly is encouraging relative to peers and reinforces comm'l safety (at least near-term). However, Evernorth (EN) margins were weak - in both PBM and S&C - bearing more onboarding and growth investment than expected. CH appears to offer the most upside, though a 2Q EN PTI beat would take pressure off the 2H ramp. Our '25 EPS up slightly by $0.03."

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