UPDATE: BTIG Downgrades ING U.S. on Price Target Achievement

In a report published Monday, BTIG analyst Mark Palmer downgraded ING U.S. VOYA from Buy to Neutral and removed the $31 price target.

In the report, BTIG stated, "With VOYA's shares more fairly valued, we believe investors should consider selling and perhaps waiting for a more attractive price point before re-engaging the name. We continue to believe VOYA is a potential takeout candidate and that that company has a viable path to higher operating return on capital through execution on the 30 projects it has identified toward that end".

ING U.S. closed on Friday at $31.22.