Principal Financial downgraded to Outperform from Strong Buy at Raymond James

Raymond James analyst Wilma Burdis downgraded Principal Financial (PFG) to Outperform from Strong Buy with a price target of $111, up from $99. Principal Financial management indicated it can sustain roughly 9%-12% core EPS growth in 2026 across a range of macro scenarios, supported by diversified businesses and SMB exposure, with strong Q1 results already reflecting 13% EPS growth, the analyst tells investors in a research note. The company highlighted continued fee and product innovation in Retirement & Income Solutions, disciplined pricing in Specialty Benefits, and a solid asset management pipeline expected to drive medium-term revenue growth of 4%-7%, the firm adds.