UPDATE: Credit Suisse Raises PT on Catamaran Following Cigna Partnership Announcement

In a report published Tuesday, Credit Suisse analyst Glen Santangelo reiterated an Outperform rating on Catamaran CTRX, and raised the price target from $61.00 to $64.00.

In the report, Credit Suisse noted, “[Last] evening after the market close, CTRX announced it had signed a 10-year strategic PBM partnership with Cigna. This deal provides a significant reputational boost for CTRX & removes a major overhang on the shares, while providing some incremental EPS accretion. We agree with the after-market spike in the shares (+14%), and would expect the shares nearterm to trend back to the recent all-time high level ($57-58).”

Catamaran closed on Monday at $48.66.