Analyst Note
| Julie Utterback, CFA |Narrow-moat Cigna turned in better-than-anticipated operating results for the first quarter that allowed management to boost its 2022 outlook a bit. Our bottom-line estimates were already above Cigna's previous guidance, but considering recently generated cash flows and a mild increase in our 2022 expectations, we are raising our fair value estimate 6%. Shares continue to look moderately undervalued to us.