The severe decline for shares of Express Scripts this month is a buying opportunity, according to Citi, which upgraded the company.

The St. Louis company's stock price closed at $50.05 on Wednesday and has plunged more than 20 percent since Express Scripts leaders said earlier on Nov. 6 that Wall Street expectations for 2013 earnings were "overly aggressive."

In contrast to that drop, Citi analyst George Hill noted that the Standard & Poor's 500 index has fallen 4 percent, while shares of Express Scripts' biggest competitors have dropped only 2 percent. Hill said in a Thursday morning research note that most investor concerns are now factored into the company's stock price, which reached an attractive level "with a compelling risk/reward profile should the company deliver on recently lowered investor expectations."

Hill raised his rating on the stock to "buy" from "neutral."

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