UPDATE: CIGNA Raises PT

According to a research report published earlier today, Wedbush has increased CIGNA's CI PT from $52 to $53. In the report, CIGNA commented, “We are increasing our price target to $53 from $52 as investor concern turns to positive sentiment with court hearings over. We are decreasing our 2012E to $5.57 as March Medicare Advantage enrollment data from CMS was 40K, or 10%, and Part D 186K, or 15% below our estimate, which lowers our full-year estimates by $0.04 and $0.02, respectively. We also modestly increase SG&A estimates related to HealthSpring integration and modest deleveraging from changes in membership.” Wedbush maintains its Neutral rating on CIGNA, which is currently trading at $47.77.