Piper Sandler raised the firm’s price target on Principal Financial to $80 from $74 and keeps a Neutral rating on the shares. The firm notes Lifeco. stocks continued to trade higher as concerns around credit and surrenders appear to have receded as rates backed off highs. Claims remain benign, but Piper is transitioning from seasonally strongest mortality quarter to winter months elevation. Risk transfers remain a key focus and secular theme with the emergence of more 3rd-party vehicles, it adds.
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Read More on PFG:
- Principal Financial price target raised to $72 from $71 at Morgan Stanley
- Principal Financial price target lowered to $74 from $75 at Barclays
- Principal Financial price target lowered to $74 from $80 at Piper Sandler
- Principal sees two large institutional outflows to impact net cash flow by $5B
- Principal Financial reports Q3 adjusted EPS $1.72, consensus $1.64