Voya Financial's earnings missed forecasts and its guidance for Q1 was significantly lower than assumed, JPMorgan analyst Jimmy Bhullar tells investors in a post-earnings research note. While the company's earnings were weak, its operating trends were "fairly healthy," says Bhullar. However, he projects Voya's retirement margins and flows to be held back by spread compression, elevated competition, and secular headwinds facing the DC market. He keeps an Underweight rating on the shares with a $62 price target, reflecting a mixed outlook for business fundamentals, bullish investor sentiment, and valuation.