UPDATE: Piper Sandler Downgrades Principal Financial Group (PFG) to Neutral, Outperformance Unlikely to Continue

June 15, 2021 6:17 AM EDT
Get Alerts PFG Hot Sheet
Price: $64.15 +2.53%

Rating Summary:
    7 Buy, 11 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 13 | New: 52
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(Updated - June 15, 2021 8:29 AM EDT)

Piper Sandler analyst John Barnidge downgraded Principal Financial Group (NASDAQ: PFG) from Overweight to Neutral with a price target of $70.00 (from $72.00) on the belief that the relative outperformance cannot continue. Elliott Management taking a stake in the company reached the market on 2/22/21. Since that time, shares of PFG have outperformed covered life insurance companies by ~7%.

The analyst stated "With the upcoming investor day – our guess – likely focused on establishing long-term profitability improvement targets & our belief the results from the strategic review are disclosed in the week before the investor day, we struggle to identify PFG-specific catalysts to drive prospective relative outperformance to persist."

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 $64.24 yesterday.

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