Market Overview

UPDATE: Deutsche Bank Upgrades ING US on Multiple Catalysts

Related VOYA
UPDATE: Credit Suisse Reiterates On Voya Financial Following Recent Management Meeting
Earnings Scheduled For November 5, 2014

In a report published Thursday, Deutsche Bank analyst Yaron Kinar upgraded the rating on ING US (NYSE: VOYA) from Hold to Buy, and raised the price target from $40.00 to $43.00.

In the report, Deutsche Bank noted, “There are several catalysts for our upgrade. First and foremost $2/ps of additional DTA NPV, as the recent redomestication of VOYA's VA subsidiary allows the company to utilize the now US sub's profits against NOLs. In addition, the reduction of ING Groep's stake in the company to less than 50% improves liquidity, takes VOYA one step closer to becoming eligible to join the S&P and also adds visibility to the NPV calculation of the DTA. Finally, while higher excess capital guidance was largely expected, it does anchor expectations upwards. A $300mm buyback authorization should boost ROEs and a one-quarter valuation roll-forward also contributed to the new TP.”

ING US closed on Wednesday at $35.23.

Latest Ratings for VOYA

DateFirmActionFromTo
Dec 2014Keefe Bruyette & WoodsMaintainsOutperform
Nov 2014Keefe Bruyette & WoodsMaintainsOutperform
Nov 2014Credit SuisseMaintainsOutperform

View More Analyst Ratings for VOYA
View the Latest Analyst Ratings

Posted-In: Deutsche Bank Yaron KinarAnalyst Color Upgrades Analyst Ratings

 

Related Articles (VOYA)

Around the Web, We're Loving...

Get Benzinga's Newsletters