Voya Financial price target lowered to $89 from $96 at JPMorgan

JPMorgan analyst Jimmy Bhullar lowered the firm’s price target on Voya Financial to $89 from $96 and keeps an Overweight rating on the shares ahead of the Q3 report. The firm’s outlook for long-term business trends in the life insurance sector remains downbeat, but it is bullish on life stocks. The analyst’s positive stance is underpinned by a favorable macro backdrop, healthy balance sheets, negative sentiment, and depressed valuation levels. Life insurers are highly vulnerable to an uptick in defaults, especially in corporate credit, but they are better positioned to withstand the downturn in commercial real estate than feared, the analyst tells investors in a research note. Also, the spike in rates is a positive overall, JPMorgan adds.