Bernstein upgrades Cigna to Outperform after PBM ‘clearing events’

As previously reported, Bernstein upgraded Cigna (CI) to Outperform from Market Perform with a price target of $358, up from $307. The firm sees the combination of the Pharmacy Benefit Manager reform bill and the FTC settlement, coupled with the already announced PBM model changes and economic impacts that Cigna has detailed, as “clearing events” that will increase the multiple over time, the analyst tells investors. The firm is updating its earnings model with EPS estimates roughly the same for 2026 and “modestly higher” for 2027-2030, the analyst added.