UPDATE: Credit Suisse Initiates Coverage on ING US with Neutral Rating, $28 PT on EPS Estimates

In a report published Tuesday, Credit Suisse analyst Thomas Gallagher initiated coverage on

with a Neutral rating and $28.00 price target. In the report, Credit Suisse noted, “We are initiating coverage on VOYA with a Neutral rating and a $28 target price. Our sum-of-the-parts values the ongoing businesses at $24 per share, $2 for the DTA, and $2 for the run-off variable annuity block. Our initial EPS estimates are $2.77 for 2013 and $2.85 for 2014. Aside from VA, which is largely macro dependent, one key to the success of the core ROE improvement story will be improving returns in its Retirement business.” ING US closed on Monday at $28.41.