The Cigna Group

CI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$876.00	Nxylrjq	Bplfvywq

Cigna: Mildly Boosts Growth Goal and Defends Capital Allocation Plan on Specialty Pharmacy Strength

Julie Utterback

Mar 7, 2024

At its investor day, narrow-moat Cigna's management mildly increased its long-term adjusted earnings growth goal (to 10%-14% from 10%-13%) primarily on tailwinds in its specialty pharmacy business. While we appreciate those trends, we are raising our fair value estimate to $366 per share from $344 primarily because of cash flows generated since our last valuation update in May 2023. Shares remain fairly valued.

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