Core Viewpoint - Goldman Sachs analyst Scott Fidel has lowered the price target for Cigna (CI) to $330 from $370 while maintaining a Buy rating on the shares, following significant structural changes in the Evernorth PBM business that indicate margin compression starting in 2026 [1] Group 1: Price Target and Rating - The price target for Cigna has been reduced from $370 to $330 [1] - Despite the price target reduction, the analyst retains a Buy rating on Cigna shares [1] Group 2: Market Reaction and Structural Changes - Cigna shares experienced an 18% decline after management announced major structural changes to the Evernorth PBM business [1] - The decline was attributed to investor surprise over earlier-than-expected margin resets linked to a new rebate-free pricing model and lower-margin renewals with key clients [1] Group 3: Financial Implications - The new contract terms are expected to exert sustained pressure on Evernorth's profitability, potentially limiting it throughout the decade [1] - Key clients represent approximately $90 billion in annual revenue, which is significant for the company's financial outlook [1] - Long-term margin targets have been reaffirmed, but the changes suggest challenges ahead for profitability [1]