Voya Financial upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Jimmy Bhullar upgraded Voya Financial to Overweight from Neutral with a price target of $77, up from $75. The analyst’s long-term outlook for the life insurance sector is "downbeat" and he feels that the near-term risk-reward in stocks in "not enticing." Life insurance stocks outperformed in 2022 and could perform well if interest rates increase further, Bhullar tells investors in a research note. However, the prospect of a weaker economy and uptick in credit losses is a "key risk." Moreover, the outlook for business trends is mixed and a slowdown in share buybacks is likely, one of the key differentiating factors in terms of stock performance among the companies, contends Bhullar. He upgraded Voya and are downgraded Lincoln.