Jefferies analyst David Windley upgraded Cigna to Buy from Hold with a price target of $341, up from $335. In conjunction with ending its pursuit of Humana (HUM), Cigna announced a new $10B share buyback which accretes 2024 and ‘2025 earnings by 2% verses previous estimates, the analyst tells investors in a research note. The firm says Cigna’s lack of exposure to Medicare Advantage and Medicaid uncertainty is a short-term positive. It says walking away from Humana is a short-term win for investors.
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