Voya Financial price target raised to $91 from $88 at Piper Sandler

Piper Sandler raised the firm’s price target on Voya Financial (VOYA) to $91 from $88 and keeps an Overweight rating on the shares. The firm says earnings were challenged as Health Solutions headwinds got worse, not better necessitating 2025 pricing now double typical 10%-15% rate increase it otherwise would expect that business to see annually. The crux of the issue in Q3 from a quarter ago is loss ratio deterioration for 2024 policy years by 5%. This more than overshadowed strong earnings in Wealth Solutions and Investment Management, Piper adds.