Truist analyst David MacDonald reiterated a Buy rating and $375 price target on Cigna (CI) after the company said it would invest $3.5B in Shield Health Solutions. The firm thinks Cigna’s broad and differentiated capabilities within the high-growth specialty market provides strong positioning and opportunity to further capture additional healthcare spend dover time, and thinks the investment likely aids execution on Cigna’s 8%-11% long-term average annual adjusted income growth target within the Specialty portfolio. The firm also views the investment as further building upon Evernorth’s robust specialty pharmacy capabilities at Accredo following previous acquisitions.
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