Cigna price target lowered to $293 from $367 at Bernstein

Bernstein analyst Lance Wilkes lowered the firm’s price target on Cigna (CI) to $293 from $367 and keeps a Market Perform rating on the shares ahead of quarterly results. While the firm thinks CI PBM operating results could be solid in the quarter, Bernstein notes that PBM policy risk has come into sharp focus, with multiple Congressional Committees investigating PBMs. This has led to a challenging stock price year with Cigna and CVS (CVS) down about 22% year-to-date.