Voya Financial initiated with a Buy at TD Cowen

TD Cowen analyst Andrew Kligerman initiated coverage of Voya Financial (VOYA) with a Buy rating and $100 price target The firm says the stock’s valuation “looks disconnected” from the company’s fundamentals. Earnings growth and “strong” free cash flow-funded buybacks should drive 14% annual earnings growth for Voya, the analyst tells investors in a research note. TD says stop-loss volatility has pressured sentiment, but this is a “repricing cycle – not structural impairment.”