Bank of America on Lincoln National's CEO Presentation
Bank of America has published a research report on Lincoln National (NYSE: LNC) after the company's CEO Dennis Glass presented at its 2012 Insurance Conference this morning.
In the report, Bank of America writes, "[Glass] commented that recent pricing actions in individual life insurance have moved Lincoln products to 7%-10% above the pricing of market leaders in level-pay products and 15%-20% above the leaders in single-pay products. Given his comment that he believes Lincoln can sell product if the company is within 5%-7% of market leaders, current pricing differentials suggest sales could decline by a material amount if competitors do not raise prices as well. Trading sales for margin is a good decision in the current low interest rate environment, in our view."
Bank of America maintains its Buy rating and $38 price objective on Lincoln National, which is currently trading up $0.14 from yesterday's $24.00 closing price.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.