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Fly News Breaks for January 3, 2019
ESRX, ANTM, CI
Jan 3, 2019 | 08:25 EDT
Wells Fargo analyst Peter Costa believes Anthem (ANTM) and Cigna (CI) may be spending much time in court fighting each other in 2019 and sees more risk for the latter than Anthem, since even if Cigna wins the first case it would have risk of losing the second where the sought damages against it are greater. Hence, it is possible that Cigna could agree to settle both cases for limited gains, he contends. Given the timing and Cigna's weakened balance sheet post the Express Scripts (ESRX) merger and plans to use Express Scripts' cash flow to reduce debt, Costa lowered his price target for Cigna to $200 from $221 and reiterated a Market Perform rating on the shares.
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