UPDATE: Bank Of America Downgrades Voya Financial After Exceptional Performance

In a report published Monday, Bank of America analyst Seth Weiss downgraded the rating on

from Neutral to Underperform, but reiterated the $42.00 price target. In the report, Bank of America noted, “We are downgrading Voya Financial (VOYA) from Neutral to Underperform. Our $42 Price Objective implies modest 1% downside over the next twelve months compared to 13% average upside for other life names under coverage. Since its IPO in May of 2013, VOYA has been the best performing life stock by a wide margin, up roughly 120% compared to a 40% return of the S&P Life Index.” Voya Financial closed on Friday at $42.33.