Barclays downgraded Cigna to Equal Weight from Overweight with a price target of $304, down from $310. The company has limited potential upside to earnings estimates given its low exposure to government insurance, the analyst tells investors in a research note. The firm says Cigna also faces uncertainty from its pharmacy benefit manager transition and the pace of moderating investment spend. Barclays sees more risk than reward into the company's September investor day due to commercial attrition and AI-driven job cut risk.
