It lowered its 2027 earnings estimate to $32.77 per share, about 1% below consensus. Jefferies said a potential sale or wind-down of EviCore and the HIX business could create a meaningful earnings gap. Combined with stranded costs from exiting the HIX business, these factors could reduce 2027 adjusted operating income by roughly 10% versus current consensus expectations. The firm said these changes could cap margin expansion and create a longer-term overhang for the PBM business model. Related articlesJefferies downgrades Cigna to Hold on mounting 2027 earnings headwindsAs Claude disrupts stock market, Anthropic researcher warns 'world is in peril'Wolfe Research outlines eight risks that could spark stock declines in 2026