Morgan Stanley downgraded Principal Financial (PFG) to Underweight from Equal Weight with a price target of $80, down from $86. With Principal Financial trading at an above-peer 10-times estimated 2025 earnings, the stock looks overvalued given Morgan Stanley’s view that the company’s long-term outlook is under pressure from slower growth in its core businesses, the analyst tells investors in a research note. The firm says the bank’s fundamentals do not support its current premium valuation versus peers.
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Read More on PFG:
- Principal Financial appoints Lisa Coulson as CHRO
- Principal Financial price target raised to $91 from $87 at RBC Capital
- Principal Financial Announces Leadership Transition and Growth
- Principal Financial price target raised to $98 from $85 at Evercore ISI
- Principal Financial CEO Dan Houston to leave role, Deanna Strable to succeed
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
