Piper Sandler lowered the firm's price target on Cigna to $370 from $374 and keeps an Overweight rating on the shares. The company's pioneering rebate-free PBS model will help Cigna comply with the 2026 CAA, meet the terms of its FTC settlement, and reshape public perception of PBMs, the firm says. These efforts derisk the long-term PBS growth algorithm and deserve multiple expansion, in Piper's view.
