- Voya Financial ( NYSE: VOYA ) stock advanced as much as 1.7% in Friday morning trading after Piper Sandler analyst John Barnidge upgraded the company's shares to Overweight from Neutral.
- Given its product portfolio (~70% in wealth solutions and ~15% in health solutions), Voya ( VOYA ), which operates as a retirement, investment and employee benefits firm, is an "inflation net beneficiary across its franchise," Barnidge wrote in a note to clients.
- The firm's product portfolio demonstrates the degree to which it's "positioned for benefits & wage inflation in the fight for talent more than impact from inflation in its workforce," the analyst added.
- Furthermore, Barnidge's upbeat coverage followed Voya's ( VOYA ) recent acquisition of German insurer Allianz's ( OTCPK:ALIZF ) AGI U.S. funds in a move that "offers enhanced distribution with limited FX exposure while offering revenue protection from flow leakage."
- Barnidge's Outperform rating disagrees with the Quant rating of Hold, but converges with the average Wall Street analyst rating of Buy.
- In August, Voya Investment Management acquired Czech Asset Management .
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Voya Financial upped to Overweight at Piper Sandler, calling it 'inflation net beneficiary'