UPDATE: Citigroup Initiates Lincoln National Corporation at Neutral on Valuation
Citigroup initiated coverage on Lincoln National Corporation (NYSE: LNC) with a Neutral rating and a $29.00 price target.
Citigroup noted, "LNC has delivered solid operating results over the past two years and is generating a 10%-11% ROE, roughly in-line with the group average. While the stock appears cheap, we believe the current discount to book value is warranted based on the company's negative “excess” returns. We are also wary of LNC's above-average exposure to products with equity market and interest-rate risk (notably variable annuities and universal life) and believe other life names offer more attractive risk-reward.
Lincoln National Corporation closed at $27.37 on Wednesday.
Latest Ratings for LNC
|Sep 2016||Wells Fargo||Assumes||Market Perform|
|Jul 2016||Goldman Sachs||Downgrades||Buy||Neutral|
|Jul 2016||Deutsche Bank||Maintains||Hold|
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