UPDATE: BTIG Research Upgrades ING US Following Strong 3Q13 Results

In a report published Wednesday, BTIG Research analyst Mark Palmer upgraded the rating on ING US VOYA from Neutral to Buy, and named a $37.00 price target. In the report, BTIG Research noted, “We are upgrading Voya Financial (VOYA), a.k.a. ING U.S., to BUY (from NEUTRAL) with a price target of $37 following this morning's release of strong 3Q13 results that demonstrated solid performance from its ongoing business, and a faster-than-expected pace of improvement in the Closed Block Variable Annuity (CBVA) unit. Our price target represents 0.89x VOYA's 3Q13 book value per share (ex. accumulated other comprehensive income [AOCI]) of $41.49. (Book value increased by $1.67 sequentially during 3Q13.) Based on yesterday's closing price, VOYA trades at 0.75x 3Q13 book value. In addition to increasing our price target, we also have increased our FY14 adjusted earnings per diluted share estimate to $2.88 from $2.71. VOYA reported 3Q13 adjusted net income per diluted share of $1.08, significantly outpacing the consensus estimate of $0.66.” ING US closed on Tuesday at $30.97.