Principal Financial price target lowered to $91 from $94 at BofA

BofA analyst Joshua Shanker lowered the firm’s price target on Principal Financial to $91 from $94 and keeps a Neutral rating on the shares. While Q3 was an active quarter for global catastrophe events, the firm expects Q3 catastrophe losses to be “manageable” for property and casualty insurers, the analyst tells investors in a preview for the U.S. insurance group. The firm has included “placeholder” losses for Hurricane Milton in models for Q4, while acknowledging uncertainty remains with the storm just making landfall. Target changes in the group reflect events occurring during the quarter and various P/E multiple changes, the analyst noted.