UPDATE: Jefferies Reiterates Buy Rating, Raises PT on CIGNA Corporation on Upward Revision

In a report published Friday, Jefferies reiterated its Buy rating on CIGNA Corporation

, and raised its price target from $62.00 to $71.00. Jefferies noted, “CI's announcement that it was exiting run-off businesses via a reinsurance transaction started the week off on a great note. Thursday's update of a 6% 4Q12 EPS upside and 2013 guidance raise redoubled the positive news. Several positive nuggets also came out of the call. We are increasing our PT to $71. This reflects a higher multiple (up ~1x) for the run-off exit and strong fundamentals, as well as a higher EPS outlook.” CIGNA Corporation closed on Thursday at $61.35.