---
title: "BUZZ-Evercore initiates Cigna at 'in line', flags risks in PBM model transition"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/298443107.md"
datetime: "2026-09-09T10:50:17.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/298443107.md)
  - [en](https://longbridge.com/en/news/298443107.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/298443107.md)
generator: "portal-rs"
---

# BUZZ-Evercore initiates Cigna at 'in line', flags risks in PBM model transition

Evercore ISI initiates coverage of health insurer Cigna (CI.N) with an “in line” rating and price target $290

Brokerage says Cigna could cut its long-term growth outlook at its Sept. 30 investor day, with adjusted EPS growth possibly falling to 10%-13% from 10%-14%

Says Cigna’s pharmacy benefit management business, which generates about 60% of operating profit, faces execution risks as it shifts to a rebate-free model

Pharmacy benefit managers negotiate drug prices and coverage with manufacturers for employers and health plans

Evercore says the shift could ease regulatory pressure, but expects pharmacy-benefit profit to grow about 2% annually from 2026 to 2030, with margin falling to 1.6% by 2028 from about 2.7% in 2025

Sees limited margin recovery through 2030 as clients demand more pricing transparency at contract renewal, particularly in the competitive market for smaller accounts

Remains positive on Cigna’s employer-focused insurance business but assumes results at the low end of management’s outlook until margins become clearer

### Related Stocks

- [CI.US](https://longbridge.com/en/quote/CI.US.md)
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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**