$VOYA 0.57 Developing

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• @wallstengine bullish 29 eng

  Raymond James Upgrades $VOYA to Strong Buy from Market Perform, Sets PT at $117 Analyst comments: "We see multiple paths to the company re-rating, whether it operates on a standalone basis, sells its Stop Loss business to fund share repurchases, or is ultimately acquired. We think there would be robust competition to acquire VOYA, should a deal process emerge. Potential buyers include Canadian lifecos, Great-West's Empower is the #2 U.S. retirement provider and is looking for scale, Japanese insurers, Tokio Marine has over ~$15 billion of excess capital, U.S. life insurers, PFG is a near-perfect strategic fit, and we think it would have to seriously consider the deal, and traditional/alternative asset managers seeking scale. If TCIM can draw in even one attractive unsolicited bid, then the board would be mandated to review the offer and potentially run a competitive process. If no bid emerges, we think TCIM could pursue a proxy fight, which could end up with the firm settling for a board seat, although this could take a year or longer. We estimate that Stop Loss could sell for $2-plus billion, which would produce a range of 8-19% accretion to 2028 EPS depending on the stock price at the time of repurchase." Analyst: Wilma Burdis

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