UPDATE: Credit Suisse Downgrades Principal Financial Group (PFG) to Neutral

(Updated - August 18, 2022 5:05 AM EDT)

Credit Suisse analyst Andrew Kligerman downgraded Principal Financial Group (NASDAQ: PFG) from Outperform to Neutral with a price target of $86.00 (from $82.00).

The analyst comments "We are downgrading PFG to Neutral from Outperform on valuation. We are also updating our target price to $86 from $82, representing 9% potential upside from the current price. PFG is trading at 10.6x CS estimated 2023 EPS (or 10.9x consensus estimates), well ahead of peer average of 8.0x. Further, PFG’s closest peer (by business mix) is VOYA, which trades at 8.2x CS/consensus estimated 2023 EPS. We see limited multiple expansion opportunities for PFG currently and view VOYA as a more attractive stock given the wider valuation gap that has emerged."

For an analyst ratings summary and ratings history on Principal Financial Group click here. For more ratings news on Principal Financial Group click here.

Shares of Principal Financial Group closed at $78.72 yesterday.

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