Cigna price target lowered to $379 from $403 at Morgan Stanley

Morgan Stanley analyst Erin Wright lowered the firm’s price target on Cigna (CI) to $379 from $403 and keeps an Overweight rating on the shares. While expectations were already lower following industry commentary into year-end 2024, a meaningful shortfall in Cigna’s stop loss business drove pressure in the shares and the “latest miss was notable,” the analyst tells investors. While yesterday’s results added pressure to the stock’s valuation, the firm continues to view the long term value proposition, diligent capital deployment, and Evernorth drivers as “underappreciated,” the analyst added.