UPDATE: Piper Sandler Downgrades Principal Financial Group (PFG) to Neutral, Outperformance Unlikely to Continue
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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."
Shares of Principal Financial Group closed at $64.24 yesterday.
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