RBC Capital lowered the firm’s price target on Voya Financial (VOYA) to $90 from $95 and keeps an Outperform rating on the shares. The firm is updating its estimates to factor in the management’s disclosed update on its January 2024 stop-loss block loss trends, and while the management’s expected loss ratios are much higher than the firm had previously modelled, there is more claims data to support its latest projections, the analyst tells investors in a research note. RBC maintains that Voya could see normalization of the business in 2026, given annual renewal and repricing dynamics.
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