Market Overview

UPDATE: Citigroup Initiates Lincoln National Corporation at Neutral on Valuation

Share:
Related LNC
Benzinga's Top Upgrades
Raymond James Ups Primerica, Commerce Bancshares; Downgrades Lincoln National, Manhattan Associates
Financials join energy as hardest hit sector today (Seeking Alpha)

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

DateFirmActionFromTo
Aug 2015Sandler O'NeillInitiates Coverage onBuy
Aug 2015Morgan StanleyUpgradesEqual-weightOverweight
Jul 2015Raymond JamesDowngradesStrong BuyOutperform

View More Analyst Ratings for LNC
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Initiation Intraday Update Analyst Ratings

 

Related Articles (LNC)

Get Benzinga's Newsletters