Wells Fargo downgrades Cigna to Equal Weight, lowers price target to $355

As previously reported, Wells Fargo analyst Stephen Baxter downgraded Cigna to Equal Weight from Overweight with a price target of $355, down from $370. While the analyst thinks the company’s fundamentals remain solid, he believes the tailwinds are generally well-understood, and sees limited potential for additional multiple expansion following significant outperformance in 2022.