RBC Capital raised the firm’s price target on Cigna to $383 from $354 and keeps an Outperform rating on the shares. The analyst cites the company’s increased long-term earnings targets, driven by accelerating pharmacy earnings growth. RBC adds that it is “increasingly impressed” by Evernorth’s leadership in specialty pharmacy given “unmatched infrastructure and innovative GLP-1 offerings”, increasing its assumed target multiple to 13.5-times from 12.5-times on continued momentum in specialty pharmacy.
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