Cigna initiated with a Buy at Guggenheim

Guggenheim initiated coverage of Cigna (CI) with a Buy rating and $384 price target The firm launched coverage on 11 healthcare services stocks, spanning managed care, hospitals, and behavioral health. The payors and providers of care are still emerging from the “upheaval” caused by the COVID-19 pandemic, with the fallout of varying health coverage changes combined with elevated utilization and pricing developments “effectively tossing long-term growth targets aside,” the analyst tells investors in a research note. Guggenheim believes investors are “sifting through the moving pieces and looking for value” within stocks that can manage and show resiliency, or have compelling stories “outside the noise.” Guggenheim named Tenet (THC) its best idea in the group.