Oppenheimer analyst Michael Wiederhorn does not believe there is much of a surprise with Cigna (CI)/Anthem (ANTM) deal officially being terminated, as the recent ruling was likely the final straw. However, the analyst notes that both companies are clearly posturing over the $1.85B termination fee, in what is likely to be an "intense legal battle." Regardless of the outcome, Wiederhorn reiterates an Outperform rating on Cigna due to its robust capital position and attractive valuation, but continues to favor the insurers overall as he thinks the group is well positioned for 2017 and beyond.