Bank of America Merill Lynch Raises PT to $53 on CIGNA

A report from Bank of America Merill Lynch reiterates its Underperform rating and raises its price target to $53 on CIGNA (NYSE: CI).

The report states, “Buying HS would be a positive for CIGNA, in our view - not only is it accretive in Year 1, but is also makes strategic sense. CI targeted the senior market as a key growth area, but struggled to build out its own Medicare Advantage (MA) business, so it bought what we view as a high quality MA platform”. CI closed yesterday at $45.34.