Cigna price target raised to $351 from $345 at Deutsche Bank

Deutsche Bank analyst George Hill raised the firm’s price target on Cigna (CI) to $351 from $345 and keeps a Hold rating on the shares. According to Reuters, Cigna is evaluating the potential sale of its Medicare Advantage business, the analyst tells investors in a research note. The firm suspects Centene (CNC), Elevance Health (ELV) and Molina Healthcare (MOH) could all be likely bidders given their positions in the MA market and desire to grow the segment, though it adds Elevance might be the only one of the three with the capacity to do a deal. Deutsche estimates Cigna generates $300M to $315M profit annually in its MA business, which could warrant a valuation range of $3.5B to $4.7B.