Jefferies Reiterates Buy, $63 Target on CIGNA
Jefferies maintains its Buy rating and $63 target price on CIGNA (NYSE: CI) on likely imminent HS deal closing.
Jefferies notes, "CI is likely to close the HS deal earlier than expected, which is a positive. It will help ease the burden of debt and equity financing costs in place since 4Q, and accrete CI's '12 EPS for a larger portion of the year. Additionally, operational integration will ramp up sooner. On this front, Mr. Fritch will lead the combined Medicare Advantage business and also leverage HS' physician engagement model across CI's US book of business."
CI closed at $45.18 a share on Friday.
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