According to Sterne Agee, Principal Financial Group PFG is upgraded to Buy.
Sterne Agee said that it raises its PT from prior $31 to new $35 on 10x 2013E EPS. “We view PFG as having good
long-term earnings growth potential driven by Full Service Accumulation (FSA, despite near-term headwinds), Principal
International (PI), Principal Global (PGI) and Principal Funds (PF), which should be further complemented by capital
deployment into accretive M&A and buybacks over time.”
Principal Financial Group closed yesterday at $27.01.
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