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UPDATE: Deutsche Bank Initiates Lincoln National Corporation at Hold on Interest Sensitivity

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Earnings Scheduled For April 29, 2015
Earnings Scheduled For February 4, 2015

Deutsche Bank initiated coverage on Lincoln National Corporation (NYSE: LNC) with a Hold rating and a $31.00 price target.

Deutsche Bank noted, "The company's large UL portfolio – particularly its SGUL portfolio, along with its retirement business are experiencing significant interest rate-related pressures, as investment yields continue to decline while yet over 95% of accounts with crediting rates are already at their crediting floors. The company took a $750 million impairment charge on its goodwill in 4Q11, and it appears that the market is pricing additional impairments to the balance sheet, which we estimate at $2.7 billion. While we view this as high, we do not see enough risk-adjusted upside at current valuation."

Lincoln National Corporation closed at $27.80 on Tuesday.

Latest Ratings for LNC

DateFirmActionFromTo
May 2015Goldman SachsInitiates Coverage onNeutral
May 2015Deutsche BankMaintainsHold
Apr 2015BarclaysMaintainsOverweight

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View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

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