Citi analyst Ralph Giacobbe raised his price target for Cigna to $263 from $221 and says the shares are "still cheap" despite the recent rally. The analyst remains confident around Cigna's earnings trajectory to $20-$21 of earnings per share in 2021. This makes the stock undervalued on an absolute and relative basis, Giacobbe tells investors in a research note. He believes Cigna is one of the cheapest stocks across the S&P 500 considering earnings growth, price-to-earnings and free cash flow. The analyst sees the potential for multiple expansion as management executes on stated targets.