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CI

Cigna

$187.86

-1.33 (-0.70%)

, ESRX

Express Scripts

$76.84

-0.675 (-0.87%)

06:54
08/07/18
08/07
06:54
08/07/18
06:54

Cigna shares have upside with deal or no deal, says Barclays

Barclays analyst Steve Valiquette sees upside in shares of Cigna (CI) no matter the outcome of the shareholder vote on August 24 relating to its proposed acquisition of Express Scripts (ESRX). Under a deal break scenario, Cigna should trade at a multiple relatively in-line to diversified peer Anthem (ANTM), implying a fair value of $215, Valiquette tells investors in a research note. If the deal is approved, the analyst sees Cigna shares falling to $180 in the near term. However, his sum-of-the-parts analysis yields a current fair value of $213 per share. As such, the analyst sees upside potential on Cigna in both merger vote scenarios. Valiquette keeps an Overweight rating on the shares.

CI

Cigna

$187.86

-1.33 (-0.70%)

ESRX

Express Scripts

$76.84

-0.675 (-0.87%)

ANTM

Anthem

$258.22

0.14 (0.05%)

  • 24

    Aug

  • 24

    Aug

CI Cigna
$187.86

-1.33 (-0.70%)

07/20/18
BARD
07/20/18
DOWNGRADE
Target $81
BARD
Neutral
Express Scripts downgraded to Neutral amid 'heavy political attack' at Baird
As reported previously, Baird analyst Eric Coldwell downgraded Express Scripts (ESRX) to Neutral from Outperform as he believes the PBMs have been under heavy political attack in recent weeks and the stand-alone trajectory is hard to model right now. He said the share price upside is largely reliant on the successful completion of the Cigna (CI) transaction and downside risks have significantly increased. Coldwell has an $81 price target on Express Scripts shares.
08/02/18
SBSH
08/02/18
NO CHANGE
SBSH
Vote against Express Scripts deal 'somewhat shortsighted,' says Citi
Citi analyst Ralph Giacobbe believes a vote against Cigna's (CI) proposed acquisition of Express Scripts (ESRX), which the Wall Street Journal reported that activist Carl Icahn will push for, could prove "somewhat shortsighted given the changing and evolving healthcare landscape and the integrated offering and cash flow that a combined entity would generate to compete more effectively." The analyst says that regardless of the outcome, he remains positive on Cigna shares. The company's model should continue to drive growth without Express Scripts, and potentially enhance growth with the deal, Giacobbe tells investors in a research note. He keeps a Buy rating on Cigna.
08/02/18
JPMS
08/02/18
NO CHANGE
JPMS
Overweight
Cigna holders unlikely to vote down Express Scripts deal, says JPMorgan
While Cigna (CI) shares have underperformed peers since the deal for Express Scripts (ESRX) was announced in March, shareholders are unlikely to vote down the transaction, JPMorgan analyst Gary Taylor tells investors in a research note after the Wall Street Journal reported that Carl Icahn has built a stake and will push for voting against the deal. The analyst admits the market is taking a more negative view, as Express Scripts' 16% spread to offer value widened to 25% yesterday. Taylor believes few shareholders have questioned the strategic rational of the merger. He believes, however, that some of Icahn's points could resonate with bears in the near-term. The analyst keeps an Overweight rating on Cigna.
08/03/18
RHCO
08/03/18
NO CHANGE
Target $244
RHCO
Buy
Cigna price target raised to $244 from $220 at SunTrust
SunTrust analyst David MacDonald raised his price target on Cigna (CI) to $244 and kept his Buy rating after its "strong" Q2 results showed a "sizable" earnings beat across its business lines and lower expected medical cost trends. The analyst also maintains his bullish view on the pending Express Scripts (ESRX) deal, stating that the potential benefits of the combination are underappreciated give the strong momentum of the latter heading into 2019. MacDonald contends that investors' merger related concerns are "misplaced" and also sees Cigna valuation as "compelling".
ESRX Express Scripts
$76.84

-0.675 (-0.87%)

07/20/18
07/20/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. BOFA CUTS YUM CHINA TO UNDERPERFORM: BofA Merrill Lynch analyst Chen Luo downgraded Yum China (YUMC) to Underperform from Neutral and cut its price target to $34 from $44.30. Luo said he expects Yum China to continue to underperform given a likely peak in KFC trends amid China's weakening macro environment, a likely prolonged turnaround at Pizza Hut combined with heavy costs, a slowdown in Chinese consumer consumption, and RMB depreciation. Yum China is down 4.8% in late morning trading. CREDIT SUISSE CUTS FIVE BELOW TO NEUTRAL: Credit Suisse analyst Judah Frommer downgraded Five Below (FIVE) to Neutral from Outperform, telling investors that he is moving to the sidelines as he sees risk/reward balanced at current levels given the stock's material outperformance and back-half comp acceleration that he believes is priced into shares. Frommer keeps his $110 price target and says Five Below remains one of the most differentiated concepts in retail. Five Below is down 4.4% in late morning trading. BAIRD MORE CAUTIOUS ON DRUG SUPPLY CHAIN: Baird analyst Eric Coldwell downgraded Express Scripts (ESRX), AmerisourceBergen (ABC), and McKesson (MCK), all to Neutral from Outperform, citing the heavy political attack in recent weeks against pharmacy benefit managers and members of the drug supply chain. Among them, he said AmerisourceBergen remains his preferred name, but he cannot justify putting new money to work in these names in the current environment. SUNTRUST STARTS VIKING WITH A BUY: SunTrust analyst Edward Nash initiated Viking Therapeutics (VKTX) with a Buy rating and a price target of $14, saying its VK2809 drug for lipid disorders "has the potential to become a promising treatment by addressing multiple metabolic issues" associated with the non-alcoholic steatohepatitis disease, or NASH. Viking is up 8.3% in late morning trading. JPMORGAN SAYS BUY GM, SELL TESLA INTO EARNINGS: JPMorgan analyst Ryan Brinkman forecast lower than consensus Q2 earnings for Ford (F) and higher than consensus earnings for General Motors (GM). The analyst is also concerned about the potential for a "large loss and accompanying large cash outflow" at Tesla (TSLA) in Q2 to "make the bridge" to GAAP profitability and positive cash generation in the second half of the year. Brinkman maintained Overweight ratings on GM and Ford, with a preference for GM shares. He also kept his cautious Underweight rating on Tesla shares, seeing 44% downside to his $180 December 2018 price target.
ANTM Anthem
$258.22

0.14 (0.05%)

06/28/18
CANT
06/28/18
NO CHANGE
CANT
Amazon deal not to materially impact managed care segment, says Cantor Fitzgerald
Following the announcement that Amazon (AMZN) is acquiring PillPack, Cantor Fitzgerald analyst Steven Halper notes that back in April, CNBC had reported that Walmart (WMT) and Amazon were both looking to acquire the company, with Walmart likely to pay under $1B for PillPack. At this juncture, the analyst is not worried about Amazon's entrance into the prescription market and does not expect a material impact on any of the companies he covers in the managed care segment. Halper reiterates an Overweight rating of Aetna (AET), Anthem (ANTM), Centene (CNC), UnitedHealth (UNH) and Wellcare (WCG). He keeps a Neutral rating on Humana (HUM).
07/09/18
BMOC
07/09/18
UPGRADE
BMOC
Outperform
Anthem upgraded to Outperform from Market Perform at BMO Capital
07/09/18
BMOC
07/09/18
UPGRADE
Target $290
BMOC
Outperform
Anthem upgraded to Outperform at BMO Capital on strong earnings view
As reported earlier, BMO Capital analyst Matt Borsch upgraded Anthem to Outperform from Market Perform and raised his price target to $290 from $275, saying he expects the company to post strong earnings growth over the next 4-5 years and execute under the new CEO Gail Boudreaux. The analyst cites his recent meetings with the company which boosted his confidence in Anthem driving higher earnings from the realization of annual savings in pharmacy costs, its partnerships and new fee-based arrangements with other health plans, as well as a deeper penetration of its "massive" employer customer base through "aggressive cross-selling of specialty product". Borsch also expects the company to capture a "substantial share of the five-year pipeline of $80 billion in expected new Medicaid revenue".
07/09/18
JPMS
07/09/18
NO CHANGE
JPMS
CMS suspension could save Molina, Centene hundreds of millions, says JPMorgan
The Centers for Medicare and Medicaid Services confirmed Saturday that it will at least temporarily suspend the healthcare exchange risk adjustment program. If true, the immediate effect is that this Fall Molina Healthcare (MOH) and Centene (CNC) would avoid paying hundreds of millions of accrued payments related to 2017, JPMorgan analyst Gary Taylor tells investors in a research note. He notes that Molina would avoid $912M in payments and Centene $677M, according to their annual filings. On the other side, Anthem (ANTM) would not collect an expected $400M-$500M receivable, Taylor adds, citing his estimate. The analyst believes the longer-term effect of suspension "would be possibly additional significant disruption/withdrawals/rate hikes in the individual market for 2018-19." 19. If permanently dismantled, Taylor estimates Molina could book a one-time $350M after-tax gain related to 2017, Centene no gain and Anthem a $320M after tax loss. In terms of recurring earnings power exposure to exchanges, the analyst believes only Molina could materially benefit.

TODAY'S FREE FLY STORIES

MTEX

Mannatech

$16.70

(0.00%)

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STT

State Street

$70.34

-0.71 (-1.00%)

, WMB

Williams

$24.75

0.43 (1.77%)

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Appaloosa takes new Apple stake, exits Wells, Ally, UBS in Q3 »

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STT

State Street

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WMB

Williams

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AAPL

Apple

$186.81

-5.42 (-2.82%)

WFC

Wells Fargo

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ALLY

Ally Financial

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UBS

UBS

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KEY

KeyCorp

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WDC

Western Digital

$45.06

0.38 (0.85%)

PCG

PG&E

$25.66

-7.04 (-21.53%)

NRG

NRG Energy

$39.03

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VST

Vistra Energy

$23.83

-0.49 (-2.01%)

BYD

Boyd Gaming

$24.62

1 (4.23%)

MU

Micron

$38.03

0.17 (0.45%)

FB

Facebook

$144.25

2.06 (1.45%)

BABA

Alibaba

$150.55

3.72 (2.53%)

AGN

Allergan

$157.71

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GOOG

Alphabet

$1,043.53

7.2 (0.69%)

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    Jan

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    Mar

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    Apr

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    Jul

  • 12

    Oct

KREF

KKR Real Estate Finance

$20.56

-0.06 (-0.29%)

16:53
11/14/18
11/14
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16:53
Syndicate
KKR Real Estate Finance files to sell 4.5M shares of common stock »

Consisting of 500,000…

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ORN

Orion Group

$4.60

0.01 (0.22%)

16:52
11/14/18
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16:52
Hot Stocks
Orion Group award dredging contract of approximately $13M »

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WEX

Wex

$157.62

-4.01 (-2.48%)

16:49
11/14/18
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16:49
Earnings
Wex sees long term revenue growth of 10%-15% adjusted net income up 15%-20% »

Guidance from Wex…

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  • 14

    Nov

CASI

Casi Pharmaceuticals

$3.33

0.025 (0.76%)

16:47
11/14/18
11/14
16:47
11/14/18
16:47
Syndicate
Casi Pharmaceuticals files to sell 9.09M shares of common stock for holders »

The shares consist of…

03/08/13
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16:46
11/14/18
11/14
16:46
11/14/18
16:46
General news
API crude inventories for week of November 9 »

API reports that crude…

AJX

Great Ajax

$13.70

0.05 (0.37%)

16:45
11/14/18
11/14
16:45
11/14/18
16:45
Syndicate
Great Ajax files to sell convertible senior notes due 2024, no amount given »

The Notes represent an…

03/08/13
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16:45
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General news
Breaking General news story  »

Federal Reserve Chairman…

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General news
Breaking General news story  »

Dallas Federal Reserve…

BBT

BB&T

$50.54

-0.53 (-1.04%)

16:44
11/14/18
11/14
16:44
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16:44
Earnings
BB&T sees FY19 revenue growth up 2%-4% »

Sees FY19 credit loss…

03/08/13
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ADP

ADP

$142.75

-2.11 (-1.46%)

16:43
11/14/18
11/14
16:43
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16:43
Hot Stocks
Breaking Hot Stocks news story on ADP »

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LOW

Lowe's

$95.02

-0.61 (-0.64%)

, UTX

United Technologies

$128.89

-0.245 (-0.19%)

16:41
11/14/18
11/14
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16:41
Hot Stocks
Breaking Hot Stocks news story on Lowe's, United Technologies »

Ackman's Pershing…

LOW

Lowe's

$95.02

-0.61 (-0.64%)

UTX

United Technologies

$128.89

-0.245 (-0.19%)

03/08/13
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  • 20

    Nov

FANG

Diamondback Energy

$108.75

0.92 (0.85%)

, EGN

Energen

$69.80

0.68 (0.98%)

16:40
11/14/18
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Hot Stocks
Diamondback, Energen say ISS, Glass Lewis recommend merger »

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FANG

Diamondback Energy

$108.75

0.92 (0.85%)

EGN

Energen

$69.80

0.68 (0.98%)

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CDTI

CDTi

$1.49

-0.03 (-1.97%)

16:35
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Breaking Hot Stocks news story on CDTi »

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WNC

Wabash

$15.20

0.11 (0.73%)

16:33
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Wabash increases dividend 6.7% to 8c per share »

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EYE

National Vision

$41.79

0.72 (1.75%)

16:32
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Breaking Syndicate news story on National Vision »

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CYTX

Cytori Therapeutics

$0.34

-0.0064 (-1.87%)

16:30
11/14/18
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Earnings
Cytori Therapeutics reports Q3 EPS (27c), consensus (30c) »

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  • 14

    Nov

16:30
11/14/18
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Options
Preliminary option volume of 23.4M today »

Preliminary option volume…

APRN

Blue Apron

$1.17

-0.055 (-4.51%)

16:28
11/14/18
11/14
16:28
11/14/18
16:28
Downgrade
Blue Apron rating change  »

Blue Apron downgraded to…

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ADS

Alliance Data

$199.76

-5.49 (-2.67%)

16:27
11/14/18
11/14
16:27
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16:27
Initiation
Alliance Data initiated  »

Alliance Data initiated…

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  • 15

    Nov

ADP

ADP

$142.75

-2.11 (-1.46%)

16:26
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Initiation
ADP initiated  »

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EVOP

EVO Payments

16:26
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Initiation
EVO Payments initiated  »

EVO Payments initiated…

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CATM

Cardtronics

$33.01

-0.01 (-0.03%)

16:25
11/14/18
11/14
16:25
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16:25
Initiation
Cardtronics initiated  »

Cardtronics initiated…

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SFS

Smart & Final Stores

$4.96

-0.2 (-3.88%)

16:25
11/14/18
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16:25
Hot Stocks
Smart & Final Stores reports Q3 gross margin up 8.7% y/y »

Gross margin was $232.4M,…

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  • 14

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