BUZZ-Principal Financial rises after JPM upgrades to 'overweight'

Shares of life insurer Principal Financial Group PFG.O up 1.7% at $79.16

J.P. Morgan upgrades PFG to "overweight" from "neutral"; raises PT to $95 from $92, a 22% upside to stock's last close

Brokerage says the upgrade reflects PFG's lower-risk liability profile and an improved outlook for business trends

Adds that PFG is trading at a compelling valuation

JPM says a favorable macro backdrop, healthy balance sheets, and flexibility for share buybacks will enable life insurance stocks to outperform further

Three of 14 brokerages rate the stock "buy" or higher, eight "hold" and three "sell"; median PT $90 - LSEG data

PFG stock fell 1.6% in 2024, underperforming the 23.3% jump in the benchmark S&P 500 index .SPX

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))