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Anthem Shares Slip on J.P. Morgan Downgrade

Shares of the insurance giant were slipping on a price-target cut and downgrade to neutral.

Shares of insurance giant Anthem (ANTM) - Get Anthem, Inc. Report were down more than 2% after J.P. Morgan analysts cut their rating on the Indianapolis-based company's stock to Neutral from Overweight. The analysts cited concerns about Anthem's exposure to fleeting demand among individual insurance exchanges. And J.P. Morgan also cut its price target on Anthem stock to $132 from $154, noting the company also has a slim chance of getting near-term approval for its proposed tie-up with Cigna (CI) - Get Cigna Corporation Report . Anthem shares are now down about 12% over the past three months.

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