UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Cigna Corporation Following Solid 1Q13 EPS

In a report published Friday, Jefferies analyst David Windley reiterated a Buy rating on Cigna Corporation

, and raised the price target from $74.00 to $78.00. In the report, Windley noted, “CI's fundamentals are continuing to advance well. The company's solid 21% 1Q13 EPS beat and 2.5% EPS guidance raise start 2013 off nicely. Like others, management has eased off its confidence in growing 2014 earnings due to the MA rate cuts. They will reassess and provide an update later in the year. We are also still awaiting the PBM decision. Modestly raising PT to $78.” Cigna Corporation closed on Thursday at $68.07.