Deutsche Bank Starts ING U.S (VOYA) at Hold

Deutsche Bank initiated coverage on ING U.S (NYSE: VOYA) with a Hold rating and a price target of $31.00. Despite an attractive business mix, analyst Yaron Kinar expressed concerns about valuation.

"After 36% appreciation since its 5/2/13 IPO compared to 3% by the S&P500, we find that limited upside remains for VOYA absent (1) strong indicators of an improving U.S. recovery, (2) ongoing business op. ROE improvement to the 11% range, (3) reduced uncertainty over the company's closes-block variable annuities portfolio, (4) the emergence of capital deployment or (5) greater float," said Kinar.

For an analyst ratings summary and ratings history on ING U.S click here. For more ratings news on ING U.S click here.

Shares of ING U.S closed at $28.41 yesterday.

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