UPDATE: Barclays Maintains Principal Financial Group at Equal-Weight on 2013 Guidance
Barclays reiterated its Equal Weight rating and $31 price target on Principal Financial Group (NYSE: PFG).
Barclays commented, "PFG's (EW/Pos) implied 2013 EPS guidance of $2.97-$3.36 is below Barclays' previous outlook of $3.35 and consensus due to low interest rates, FX pressure, lack of inflation in Latin America, one-time items from the Cuprum acquisition and lower than anticipated share buybacks. The low-end of PFG's guidance implies 0-5% core operating EPS earnings growth, which appears somewhat conservative and our sense is normalized growth could be 5-10%. … We reduce our 2013E EPS to $3.25 from $3.35 to reflect lower-than-anticipated earnings in the RIS-Accumulation and U.S. Insurance businesses as well as reduced share buybacks."
Principal Financial Group closed at $27.32 on Tuesday.
Latest Ratings for PFG
|Oct 2015||Keefe Bruyette & Woods||Maintains||Market Perform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.