Morgan Stanley Expects Solid Results to Continue for Lincoln National

In a report published Thursday, Morgan Stanley analyst Nigel Dally reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “As one of the more equity and interest sensitive companies in the industry, Lincoln has benefited from the robust macro conditions through 2013. This was again evident in the quarter, with equity sensitive operation posting solid earnings, favorable mortality providing a boost to individual life, and with group insurance being the one negative on adverse disability results. While the company has been consistently posting solid results, recent market volatility and a sharp decline in interest rates remain factors to watch heading into 2014. To reflect current market conditions, we are reducing our 12‐month fair value to $52 (down $4), which suggests upside in‐line with its peers, leading us to an Equal‐weight rating.” Lincoln National closed on Wednesday at $47.11.