Principal Financial price target lowered to $83 from $88 at RBC Capital

RBC Capital analyst Mark Dwelle lowered the firm’s price target on Principal Financial to $83 from $88 and keeps a Sector Perform rating on the shares after its Q1 earnings miss. The company’s results were largely consistent with estimates, with Retirement and Income Solutions segment standing out favorably and Principal Global Investors seen notably weaker than expected, the analyst tells investors in a research note. RBC adds that Principal’s Q1 buybacks were somewhat disappointing and the guided run rate for 2023 was below its forecasts, but there is some upside to the extent macro or equity market conditions improve.