Cigna price target lowered to $330 from $370 at Goldman Sachs

Goldman Sachs analyst Scott Fidel lowered the firm’s price target on Cigna (CI) to $330 from $370 and keeps a Buy rating on the shares. Cigna shares fell 18% after management disclosed major structural changes to the Evernorth PBM business, signaling margin compression beginning in 2026, the analyst tells investors in a research note. The decline reflects investor surprise over earlier-than-expected margin resets tied to a new rebate-free pricing model and lower-margin renewals with key clients representing about $90B in annual revenue, the firm says. While long-term margin targets were reaffirmed, the new contract terms suggest sustained pressure that could limit Evernorth’s profitability through the decade, Goldman adds.