UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on ING US on Valuation, Lack of Near-Term Catalysts

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, and raised the price target from $38.00 to $40.00. In the report, Deutsche Bank noted, “Raising TP to $40 but short on near-term catalysts to upgrade. We are revisiting our sum-of-parts valuation, increasing our valuation of non-core businesses. We raised the DTA NPV valuation from $1.95 to $3.17, reflecting higher market cap and effective tax rates. We raised our CBVA valuation from $2.60 to $3.55, switching to a valuation relative to peers. Our ongoing business valuation remains largely unchanged, at almost $34. While close, current valuation and absence of near-term catalysts make it difficult to recommend VOYA at this time. We see catalysts emerging around May. Hold.” ING US closed on Tuesday at $35.42.