Wedbush Raise PT On CI To $48

Wedbush has announced that it is raising its price target on CIGNA Corp. (NYSE: CI) from $47 to $48. Wedbush maintains its Neutral rating on the stock.

In the report, Wedbush writes, “Our Increased Estimates Reflect our Belief that Utilization and Flu Trends Remain Moderate. We also see potential upside from updated enrollment numbers from March CMS data and a resulting modest improvement in leveraging overhead expense… We believe the increasing clarity on the impact of healthcare reform and the benefit of credibility adjustments will lead to a multiple expansion in the multi-line group from 9.8x to the 11-13x historical trading range.”

CI closed at $43.13 yesterday.