UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Lincoln National Corporation on Business Shift Mix

In a report published Friday, Deutsche Bank reiterated its Hold rating on Lincoln National Corporation LNC, and raised its price target from $31.00 to $33.00. Deutsche Bank noted, “We expect the company's business shift mix towards more attractive lines to continue. However, we believe that upfront investments and further pressure on investment spreads limit earnings growth to the Annuities segment and, to a lesser extent, to Group. 50% increase in dividends per-share and continued buybacks are not enough to offset flat earnings and what we view as elevated balance sheet impairment risk, even with modest rate improvements.” Lincoln National Corporation closed on Thursday at $30.45.