UPDATE: Credit Suisse Raises PT on Principal Financial Group on Reported Operating EPS

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In a report published Friday, Credit Suisse analyst Thomas Gallagher reiterated a Neutral rating on Principal Financial Group
PFG
, and raised the price target from $30.00 to $34.00. In the report, Gallagher noted, “PFG reported operating EPS of $0.79, ahead of our $0.73 estimate and consensus of $0.74. On a core basis, we estimate operating EPS coming in at $0.77, after adjusting for $8.4mm of dividend accrual benefits, $2.5mm favorable settlement in Principal Funds, $6mm of adverse mortality offset by a $2mm benefit from a lower tax rate in Individual Life and a $2.2mm adverse impact from taxes on earnings repatriated from China. The beat vs. our estimate was driven by better earnings in RIS in Annuities and FSA, offset by weakness in Principal International and Individual Life.” Principal Financial Group closed on Thursday at $35.78.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsCredit Suisse
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