Piper Sandler upgrades Principal Financial to 'overweight'
** Shares of insurer Principal Financial Group PFG.O up ~1% at $78.33 premarket on low volumes
** Piper Sandler upgrades stock to "overweight" from "neutral"
** Says co's domestic focus on core small- and medium-sized business (SMB), with it being largest pool of employment, means to own PFG is to gain access to that channel
** Says re-investment in U.S. economy disproportionately benefits PFG, while co is well-positioned to execute on fee opportunity in retirement and income products
** Seeks better alignment of asset (Principal Global Investors) and pension (Principal International) management, says integration of both could help valuation positively
** Says PFG, weighting more towards fee, underwriting-related earnings, typically will trade above peer average, except now, which makes stock attractive
** One of 14 brokerages rate the stock "strong buy", ten "hold" and three "sell"; with a median PT of $90
** Up to last close, stock had fallen 1.4% YTD
Reporting by Neil J Kanatt in Bengaluru
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