Voya Financial price target raised to $75 from $70 at BofA

BofA raised the firm’s price target on Voya Financial (VOYA) to $75 from $70 and keeps an Underperform rating on the shares following a Q1 EPS beat that was largely related to pre-tax net favorable developments in Employee Benefits. The firm’s EPS estimates decline modestly with lower earnings in Retirement due to lower assets under management projections with Q1 coming in below its initial estimates, but raises its price target based on a revised sum-of-the-parts valuation.