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WilliamGTr
2021-06-17

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Citi downgrades Voya to neutral, says financial stock lacks catalysts to catch up to its peers

Voya Financial has lagged behind other financial stocks this year and it’s not clear how it can catc

Citi downgrades Voya to neutral, says financial stock lacks catalysts to catch up to its peers

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Shares have been flat over the past three months, while theSPDR Select Financial Sector ETFhas gained 8%.\nAnalyst Suneet Kamath downgraded the stock to neutral from buy, saying in a note to clients on Thursday that Voya had a lack of catalysts and “low hanging fruit” to boost shares.\n“We feel the VOYA story going forward will be more reliant on top-line growth, which could prove more challenging ahead given pressure on the Wealth Solutions and Investment Management units,” the note said.\nThe growth that Voya has generated in recent years doesn’t seem likely to drive continued strong performance going forward, Citi said.\n“Since 2018, we estimate that most of the normalized earnings growth came from Health Solutions, its smallest segment, and a lower Corporate loss, as Wealth Solutions and Investment Management have not grown materially, despite mostly positive flows and a tailwind from strong equity markets,” the note said.\nThe biggest risk to this downgrade, Citi said, is another company acquiring Voya. 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