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Citigroup Upgrades Cigna to 'In-Line'


Citigroup upgraded Cigna (CI) to in-line from underperform.

Analyst Charles Boorady says Cigna hired an advisor to explore the sale of its pension business. He expects a quick sale because it's a valued property, but sees risk of disruption if key fund managers and sales people leave in the interim.

He raised the prive target to $55; the target p-e of 10 reflects an expected pre-tax sale for $3 billion. Boorady thinks Cigna management can focus on its core healthcare business, and increased take-out potential, if an exploration of the pension sale throws the entire company into play.


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