JPMorgan downgraded Principal Financial (PFG) to Neutral from Overweight with an unchanged price target of $103. The firm adjusted ratings in the life insurance space as part of its 2026 outlook. JPMorgan’s outlook for life insurance stocks is positive. The analyst sees a favorable macro backdrop, “healthy” balance sheets, and an expected improvement in operating results. Deterioration in high-grade corporate credit “presents a key risk to a bullish stance on life stocks,” contends the firm.
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