Principal Financial Group Price Target Lowered at RBC Capital

Principal Financial Group, Inc. (NASDAQ:PFG) price target was lowered to $70 from $79 at RBC Capital as a result of reduced multiples across life insurance sector and revised estimated to reflect Q2 investments and FX movement.

The analysts reduced their Q2 EPS estimate to $1.55 from $1.69 previously to reflect lower AUM balances as a result of weak investment market conditions as well as a strengthening dollar which would reduce earnings in non-US operations.

The company is expected to report Q2 results after the market close on August 8th.