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
|Jul 2015||Raymond James||Downgrades||Strong Buy||Outperform|
|Jul 2015||Deutsche Bank||Maintains||Hold|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.