Barclays upgraded Voya Financial (VOYA) to Overweight from Equal Weight with a price target of $93, up from $83. The firm is “cautiously optimistic” on life insurers heading into 2026, saying capital strength, cash flow, and consolidation offset headwinds like spread compression and technology spend. Barclays cites Voya’s “strong” cash flow generation, its return to capital redeployment into buybacks, and improving earnings momentum for the upgrade. In addition, the company’s strategic positioning in recordkeeping and group retirement management “offers potential scale opportunities in a consolidating market,” the analyst tells investors in a research note.
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