UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Cigna Corporation Following Investor Meetings

In a report published Friday, Credit Suisse analyst Ralph Giacobbe reiterated an Outperform rating on

, and raised the price target from $97.00 to $105.00. In the report, Credit Suisse noted, “We hosted investor meetings with CI through Boston yesterday. We would categorize commentary as fairly consistent with the message from the 2Q call that MLR pressures stem from its individual book and that underlying trend remains well within expectations. While we acknowledge that 3Q/4Q could be choppy as claims experience matures (and potentially worsens) on the exchange business, we believe the 2015 outlook is promising, and continue to like Cigna's position, particularly its ASO mix and focus on customer engagement. We maintain our Outperform rating and are raising our TP to $105 (from $97), which assumes CI can trade at 13x our 2015E EPS.” Cigna Corporation closed on Thursday at $95.49.