Bank of America upgraded Lincoln National LNC from Neutral to Buy and raised the price objective from $30.00 to $34.00.
Bank of America noted, "LNC trades at only 0.7x of book value (ex FAS 115), the lowest multiple among all covered life stocks. Our $34 PO implies total return potential of 22%, and assumes a forward P/B multiple of just 75%. Concerns of low interest rates have constrained the valuation, but we believe the long-term impact is manageable. LNC has met or beaten consensus estimates in each of the last eight quarters (despite a persistent low rate environment), and base investment spreads have declined only slightly."
Lincoln National closed at $28.49 on Tuesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in