Barclays downgrades Cigna to Equal Weight
Barclays downgraded Cigna to Equal Weight from Overweight, citing limited exposure to government insurance programs.
The firm trimmed its price target to $304 from $310, due to uncertainty around the company’s pharmacy benefit manager transition.
Cigna’s investor day in September may also pose a less attractive risk-reward setup, with concerns around commercial membership losses and AI-driven job cuts.
In contrast, UBS raised its price recommendation on Cigna to $400 from $375, citing stronger-than-expected first-quarter results and favorable respiratory trends.