Morgan Stanley named Cigna (CI) the firm’s Top Pick in Managed Care, replacing UnitedHealth (UNH), ahead of Cigna hosting its 2024 investor day this Thursday, March 7. The event should serve as a platform to further instill confidence in its Cigna’s long-term growth algorithm while underscoring the value proposition of its “leading” commercial insurance business as well as its Evernorth segment, says the analyst, who finds the timing of this event to be “advantageous” given it follows peers with larger Medicare Advantage exposure facing various levels of headwinds and disruptions. The firm has an Overweight rating and $392 price target on Cigna shares.
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