UPDATE: Sterne Agee Upgrades Principal Financial Group to Buy

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.