UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Principal Financial Group on Further Upside in Life Insurance Group

In a report published Friday, Deutsche Bank analyst Yaron Kinar reiterated a Hold rating on Principal Financial Group PFG, and raised the price target from $50.00 to $52.00. In the report, Deutsche Bank noted, “Despite a 55% YTD return, we believe there is more upside in the life insurance group, particularly among interest sensitive names. Current valuations imply a ~3% 10Y 12 months ahead, whereas the introduction of tapering by March '14 would likely mean that yields move into 3.5% territory or above, and expectations of further increases would rise. By DB estimates, if the Fed undergoes a normal hiking cycle, 10Y yields should currently be 3.65%. MET offers the most upside to our TP.” Principal Financial Group closed on Thursday at $48.94.