Citi Has Notes On Principal Financial Group Inc (PFG)

Citi Investment Research has a research note on Principal Financial Group Inc PFG after it reported earnings yesterday. It has a $30 price target and a Hold rating. In a research report sent to investors, Citi writes, "We have been concerned management was getting too far ahead of itself in guiding for positive Full Service Accumulation (FSA) asset flows for 2H10 based on what we had been hearing from other 401(k) record keepers with respect to both transfer deposits and participant withdrawals. As such, while we had been projecting for 3Q10 the continuation of FSA negative asset flows that came in at ($0.20B), this may prove to be a catalyst for some adverse market reaction." Shares of PFG gained 15 cents yesterday to close at $26.99, a gain of 0.6%.