RBC Capital upgraded Cigna to Outperform from Sector Perform with a price target of $354, up from $327. The analyst sees good visibility into the company’s 2024 earnings growth, supported by share buybacks and a more solid operating backdrop this year, which includes pricing actions in the exchange book and “conservative assumptions” around stop-loss. With significant cash flow earmarked for buybacks, the Humana debate should “cool” for the near term, the analyst tells investors in a research note. Against this backdrop, RBC sees a clearer path for multiple recovery to Cigna’s valuation.
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