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Fly News Breaks for August 21, 2019
CI
Aug 21, 2019 | 06:56 EDT
After Reuters reported that Cigna is exploring a sale of its group disability and life business, Citi analyst Ralph Giacobbe said he would be surprised at such a sale, but noted that the suggested value of up to $6B in the report is well above Cigna's current multiple, perhaps making a sale easier. Proceeds of a theoretical sale could give flexibility for debt paydown or share repurchases, while also shortening the period Cigna has to wait for other M&A opportunities, said Giacobbe, who maintains a Buy rating on Cigna and keeps it as his Top Pick.
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