UPDATE: Bank of America Initiates ING U.S. at Neutral on ROE Improvement

In a report published on Tuesday, Bank of America analyst Seth Weiss initiated coverage on ING U.S. VOYA with a Neutral rating and a $30 PT.

In the report, Bank of America commented that, "We are initiating coverage of ING U.S. (ticker VOYA) with a $30 price objective and a Neutral rating. We believe ING U.S. offers a substantial ROE improvement opportunity within the life insurance sector. However, after the 45% increase in the stock since the 5/1 IPO (and the 36% increase, excluding the day-one IPO pop), we believe the market is already partially pricing in the success of the ROE plan."

ING U.S. closed on Monday at $28.41