JPMorgan upgraded Principal Financial (PFG) to Overweight from Neutral with a price target of $92, down from $95. The upgrade reflects Principal’s lower-risk liability profile, an improved outlook for business trends, and the stock’s valuation, the analyst tells investors in a research note. The firm’s long-term fundamental outlook for the life insurance sector is downbeat, but it remains bullish on stocks in the near term. The favorable macro backdrop, insurers’ “healthy” balance sheets and flexibility for share buybacks, and current valuations will enable life insurance stocks to outperform further, contends JPMorgan.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PFG:
- Piper upgrades ‘contrarian idea’ Principal Financial to Overweight
- Principal Financial upgraded to Overweight from Neutral at Piper Sandler
- Principal Financial downgraded to Underweight from Equal Weight at Wells Fargo
- Principal Financial downgraded to Underweight from Equal Weight at Morgan Stanley
- Principal Financial appoints Lisa Coulson as CHRO