Edward Jones analyst John Boylan last night downgraded Cigna (CI) to Hold from Buy. The analyst has increasing concerns of competition in the pharmacy benefits manager industry after a competitor to Cigna lost part of the Blue Shield of California PBM contract to a group of companies that included Amazon.com (AMZN). The firm estimates Cigna’s PBM business generated two-thirds of its profits last year. As such, Edward Jones views the stock as appropriately valued.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on CI:
- Cigna (NYSE:CI) and Others Face Aftermath of Blue Shield’s Move
- Cigna downgraded to Hold from Buy at Edward Jones
- Blue Shield of CA drops CVSâ Caremark PBM as it taps Amazon, others
- WSJ report on CVS ‘mildly negative’ for GoodRx, says KeyBanc
- Blue Shield of California to drop CVS Health’s Caremark PBM, WSJ says