RBC Capital analyst Mark Dwelle raised the price target on Principal Financial Group (NASDAQ: PFG) to $87.00 (from $83.00) while maintaining a Sector Perform rating.

The analyst comments "Principal Financial's Q2 results trailed our estimates with shortfalls on most key segments (there were several non-recurring and key variance items that impacted the quarter). VII was also a drag on results. There was again pressure from net outflows again in the quarter although we expect a better showing in 2H24. PRT sales remained robust in the quarter and remained active with capital return (notable buybacks and another dividend raise in the quarter). Key financial targets for 2024 were reaffirmed including 9% to 12% EPS growth for 2024. We remain at Sector Perform on the shares."