SVB Securities analyst Whit Mayo lowered the firm’s price target on Cigna (CI) to $309 from $335 and keeps a Market Perform rating on the shares. The firm notes Q4 results brought forth a continuation of themes around controlled medical costs, elevated MA uncertainty, very strong core Evernorth growth, and biosimilar tailwinds. The 2023 guide, while in line, points to only 6%-ish EPS growth given prior year divestitures and Centene (CNC) PBM headwinds, SVB adds.
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