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CI

Cigna

$167.31

-6.05 (-3.49%)

, ESRX

Express Scripts

$78.25

-2.5 (-3.10%)

07:44
03/13/18
03/13
07:44
03/13/18
07:44

Cigna initiated with a Market Perform at Bernstein

Bernstein analyst Lance Wilkes initiated Cigna (CI) with a Market Perform rating and $195 price target following Cigna's announcement that it will buy Express Scripts (ESRX) for $67B. Wilkes views the deal as a bet that change comes more slowly to healthcare, and that financial returns from this deal will fund future strategic acquisitions for Cigna. In a research note to investors, Wilkes said he believes disruption is coming more quickly, in PBM and pharmacy and in the shift to value, and is "skeptical" of this move by Cigna. The analyst expects earnings growth to slow for Cigna driven by its employer focus, lack of scale and already best in class margins, and added that he has a "negative" outlook for Express Scripts, expecting declining gross margins as they lose Anthem (ANTM) and client pricing pressure as focus increases on drug costs.

CI

Cigna

$167.31

-6.05 (-3.49%)

ESRX

Express Scripts

$78.25

-2.5 (-3.10%)

ANTM

Anthem

$229.86

-2.94 (-1.26%)

  • 13

    Mar

  • 02

    May

CI Cigna
$167.31

-6.05 (-3.49%)

03/12/18
LEER
03/12/18
NO CHANGE
LEER
Diplomat Pharmacy may be next takeover target, says Leerink
Leerink analyst David Larsen believes Diplomat Pharmacy (DPLO) could be the next takeover target following last week's buyout of Express Scripts (ESRX). A managed care plan or large pharmacy chain may find Diplomat's portfolio compelling, Larsen told investors earlier in a research note. He believes the rally post Cigna's (CI) acquisition of Express Scripts reflects a higher likelihood of a takeover, but that "significant upside" potential remains in Diplomat shares.
03/12/18
03/12/18
UPGRADE
Target $80

Market Perform
Express Scripts upgraded to Market Perform at Bernstein
As previously reported, Bernstein analyst Lance Wilkes upgraded Express Scripts (ESRX) to Market Perform from Underperform, stating that while he continues to be bearish on the underlying business, he views the deal to be acquired by Cigna (CI) for approximately $91 per share as a "very positive outcome." He would expect regulatory approval based upon lack of overlap, though Wilkes thinks it will likely be an extended regulatory process.
03/09/18
JPMS
03/09/18
NO CHANGE
JPMS
Overweight
JPMorgan sees opportunity in Cigna after yesterday's selloff
JPMorgan analyst Gary Taylor views Cigna's (CI) acquisition of Express Scripts (ESRX), which drove an 11.5% pullback in the shares yesterday, as a "primarily defensive deal, possibly rushed, reflecting a fairly sizable strategic turn for both companies." The analyst says that barring a complete collapse of pharmacy benefit manager or health plan margins over the next few years, he can make a "substantial upside case" for the shares of Cigna. The "sizable" free cash flow generation potential of the company is likely being underappreciated, Taylor tells investors in a research note. He keeps an Overweight rating on Cigna.
03/09/18
SBSH
03/09/18
NO CHANGE
SBSH
Buy
Cigna 11% selloff yesterday overdone, says Citi
Citi analyst Ralph Giacobbe says that while "some level" of pullback on the Express Scripts (ESRX) acquisition is understanding, the 11% selloff yesterday in shares of Cigna (CI) is overdone. The analyst remains surprised with the deal, particularly after management recently reiterated to him a model of virtual vertical integration. Giacobbe does, however, see strategic merit in the deal, while acknowledging "some level of uncertainty around retention." He keeps a Buy rating on Cigna shares.
ESRX Express Scripts
$78.25

-2.5 (-3.10%)

03/12/18
BERN
03/12/18
UPGRADE
BERN
Market Perform
Express Scripts upgraded to Market Perform from Underperform at Bernstein
ANTM Anthem
$229.86

-2.94 (-1.26%)

03/09/18
LEER
03/09/18
NO CHANGE
Target $335
LEER
Outperform
Leerink sees favorable risk/reward on Anthem, ups target to $335
Leerink analyst Ana Gupte raised her price target for Anthem to $335 from $325 citing increased conviction on the company's favorable risk/reward in the managed care organization group. Near-term fears of flu in Q1 and accelerating cost trend are overblown, Gupte tells investors in a research note. After hosting meetings with management, the analyst reiterates her above consensus estimates on Anthem and Outperform rating.
03/08/18
JEFF
03/08/18
NO CHANGE
Target $248
JEFF
Buy
Cigna selloff today a buying opportunity, says Jefferies
Jefferies analyst David Windley recommends using the selloff today in shares of Cigna (CI) as a buying opportunity. The analyst estimates low- to mid-teens earnings accretion through 2021 from the Express Scripts (ESRX) acquisition, essentially matching management's target. Windley believes Cigna's customer retention guidance caused some confusion. He notes that management's guidance assumes Anthem (ANTM) is out in all years. The analyst keeps a Buy rating on Cigna with a $248 price target.
03/08/18
LEHM
03/08/18
INITIATION
Target $270
LEHM
Overweight
Anthem initiated with an Overweight at Barclays
Barclays analyst Steve Valiquette started Anthem with an Overweight rating and $270 price target. The analyst initiated 14 companies in Health Care Services with a Neutral industry view.
02/01/18
FBCO
02/01/18
NO CHANGE
Target $280
FBCO
Outperform
Anthem price target raised to $280 from $255 at Credit Suisse
Credit Suisse analyst A.J. Rice raised his price target for Anthem to $280 from $255 on "strong" operating momentum with numerous developing opportunities. The analyst reiterates an Outperform rating on the shares.

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CATS

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