Principal Financial downgraded to Underperform from Neutral at Credit Suisse

Credit Suisse analyst Andrew Kligerman downgraded Principal Financial Group (PFG) to Underperform from Neutral with an unchanged price target of $86. The analyst cites valuation for the downgrade and prefers owning shares of Voya Financial (VOYA). Principal Financial’s valuation is currently well ahead of its peers, creating limited upside and "material" downside risk, Kligerman tells investors in a research note. He sees few company-specific catalysts that would drive share outperformance.