Morgan Stanley analyst Bob Jian Huang upgraded Principal Financial Group to Equal Weight from Underweight with an unchanged price target of $75. The analyst says better guidance, an improved capital position, and a more attractive valuation drive the upgrade. The stock is trading at a more reasonable valuation, in line with its historical average, so concerns about valuation have largely subsided, the analyst tells investors in a research note.
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Read More on PFG:
- Principal Financial price target raised to $86 from $84 at BofA
- Principal Financial backs long-term financial targets
- Principal Financial sees FY24 EPS growth of 9%-12%
- Principal Financial raises quarterly dividend to 69c from 67c per share
- Principal Financial announces new repurchase authorization for $1.5B
