Principal Financial Group jumps after report Samsung Life eyeing stake
PFG•Analyst view and stock performance
Singzon believes that primary issuance by PFG is unlikely.
Two of 16 brokerages rate the stock "buy", 12 "hold" and 2 "sell"; the median price target is $108, according to data compiled by LSEG.
As of the last close, PFG stock was up 25.2% year to date.
Shares rise on report of potential Samsung Life investment
U.S. insurer Principal Financial Group's PFG.O shares jumped 7.2% to $118.39 after the Korean Economic Daily reported late Thursday that Samsung Life is considering a potential investment in PFG.
J.P. Morgan analyst Pablo Singzon said a deal could include a combination of negotiated purchases with existing shareholders, which would suggest some control premium in the implied valuation range of $24-29 billion, and open market purchases, which would provide technical support for the stock.
