Morgan Stanley downgraded Principal Financial (PFG) to Underweight from Equal Weight with a price target of $80, down from $86. With Principal Financial trading at an above-peer 10-times estimated 2025 earnings, the stock looks overvalued given Morgan Stanley’s view that the company’s long-term outlook is under pressure from slower growth in its core businesses, the analyst tells investors in a research note. The firm says the bank’s fundamentals do not support its current premium valuation versus peers.
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