Principal Financial price target raised to $78 from $72 at JPMorgan

JPMorgan analyst Jimmy Bhullar raised the firm’s price target on Principal Financial to $78 from $72 and keeps an Underweight rating on the shares. The analyst’s long-term outlook for the life insurance sector is "downbeat" and he feels that the near-term risk-reward in stocks in "not enticing." Life insurance stocks outperformed in 2022 and could perform well if interest rates increase further, Bhullar tells investors in a research note. However, the prospect of a weaker economy and uptick in credit losses is a "key risk." Moreover, the outlook for business trends is mixed and a slowdown in share buybacks is likely, one of the key differentiating factors in terms of stock performance among the companies, contends Bhullar. He upgraded Voya and are downgraded Lincoln.