UPDATE: J.P. Morgan Lowers PT on LIncoln National to $28

J.P. Morgan is out with its report today on Lincoln National (NYSE: LNC), lowering its PT from $29 to $28.

In its report, J.P. Morgan writes, "We affirm our Neutral rating with a 12/31/12 price target of $28. LNC has significant capital flexibility and we expect it to generate healthy sales/net flows. However, we are concerned about the company's below-average ROE and high EPS sensitivity to the equity market and low interest rates."

Shares of LNC closed Wednesday at $18.89, up 5.06% from Tuesday's close.