CIGNA’s “Outperform” Rating Reiterated at Credit Suisse (CI)
CIGNA (NYSE:CI)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Credit Suisse in a research note issued to investors on Friday. They currently have a $105.00 target price on the stock, up from their previous target price of $97.00. Credit Suisse’s target price would suggest a potential upside of 9.96% from the stock’s previous close.
The analysts wrote, “We hosted investor meetings with CI through Boston yesterday. We would categorize commentary as fairly consistent with the message from the 2Q call that MLR pressures stem from its individual book and that underlying trend remains well within expectations. While we acknowledge that 3Q/4Q could be choppy as claims experience matures (and potentially worsens) on the exchange business, we believe the 2015 outlook is promising, and continue to like Cigna’s position, particularly its ASO mix and focus on customer engagement. We maintain our Outperform rating and are raising our TP to $105 (from $97), which assumes CI can trade at 13x our 2015E EPS.”
CIGNA (NYSE:CI) opened at 95.49 on Friday. CIGNA has a 1-year low of $72.64 and a 1-year high of $97.28. The stock has a 50-day moving average of $93.47 and a 200-day moving average of $86.8. The company has a market cap of $25.192 billion and a price-to-earnings ratio of 13.11.
CIGNA (NYSE:CI) last announced its earnings results on Thursday, July 31st. The company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.12. The company had revenue of $8.73 billion for the quarter, compared to the consensus estimate of $7.61 billion. During the same quarter in the previous year, the company posted $1.78 earnings per share. The company’s revenue for the quarter was up 9.4% on a year-over-year basis.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of CIGNA in a research note on Tuesday, August 12th. They now have a $95.00 price target on the stock. Separately, analysts at Leerink Swann raised their price target on shares of CIGNA from $100.00 to $110.00 in a research note on Monday, August 4th. Finally, analysts at BMO Capital Markets raised their price target on shares of CIGNA from $100.00 to $101.00 in a research note on Friday, August 1st. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. CIGNA has a consensus rating of “Buy” and an average target price of $97.62.
Cigna Corporation (NYSE:CI) is a holding company.
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