Bernstein upgraded Cigna to Outperform from Market Perform with a price target of $372, up from $330. The firm cites a more favorable outlook for PBMs, coupled with reduced likelihood of a significantly dilutive deal in the near term. The firm sees Cigna delivering improving earnings growth from its PBM unit, coupled with stable earnings growth from its employer business, and solid cash flow that enables their $10B buyback, while adding that it sees the passage of “mild” PBM legislation as a potential clearing event.
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