J.P. Morgan Raises Price Target On Cigna After Earnings (CI)

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J.P. Morgan Chase & Co. raised its price target on CIGNA Corporation
CI
to $46 from $45, and is keeping its Overweight rating after the company reported better than expected earnings. It has an Overweight rating on shares. In a note to clients, J.P. Morgan writes, "VADBe reserve additions well previewed, while that doesn't mean we like the recurring event. These coming in as a $0.12/share drag, while having been flagged on the 2Q earnings call and at that time the potential addition sized at $10-50mm (came in at $34mm). We'd all like to see this component walled-off, isolated, or somehow disposed of so we can stop worrying that this long-tail business will be nothing more than a drain on capital for decades to come. Importantly, we believe that would be worth something meaningful to the valuation, but at the very least, the addition was not a surprise." Shares of CI gained $1.47 to close at $36.85, a gain of 4.1%.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsHealth CareJ.P. Morgan Chase & Co.Managed Health Care
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