RBC Capital analyst Mark Dwelle lowered the firm’s price target on Principal Financial to $88 from $94 and keeps a Sector Perform rating on the shares. Principal’s 2023 outlook guidance was a little light of estimates, although this is mainly reflects the ongoing impact of soft investment markets, but long-term financial targets were favorable, the analyst tells investors in a research note. The long-term guidance targets is encouraging and the 2023 guidance is potentially conservative, the firm contends.
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