Principal Financial upgraded to In Line from Underperform at Evercore ISI

Evercore ISI upgraded Principal Financial to In Line from Underperform with a price target of $83, up from $82. Although the firm sees EPS tailwinds fading from lower NII from the Fed pivot, Evercore thinks Principal may garner some positive impacts from higher international earnings if the U.S. dollar weakens. In addition, the firm suspects that CRE related asset management flows, transactional revenues, and alternative investment income should largely recover by 2025.