Voya Financial downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Alex Scott downgraded Voya Financial (VOYA) to Equal Weight from Overweight with an unchanged price target of $75. The firm cites weaker expected earnings power in the company’s new guidance, risk to 2026 consensus estimates in the event that all the unfavorable 2025 items don’t fully go away, and limited valuation upside to its price target for the downgrade. The multiple reflected in the $75 price target is appropriate given the heightened uncertainty around Voya’s stop loss, and the potential that strategic spending in Health Solutions and Wealth Solutions need to continue into 2026 and 2027, the analyst tells investors in a research note. Barclays also continues to have a less favorable view of industry flows in defined contribution.