Citi maintains a 'Buy' rating on Lincoln National (LNC), Raises Risk Rating and Lowers Price Target
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Citi maintains a 'Buy' rating on Lincoln National Corp (NYSE: LNC), but raises the Risk Rating to Speculative from Medium and lowers price target from $60 to $18.
Citi analyst says, "We have raised our risk rating on the shares of Lincoln and have reduced our target price. We have also trimmed our 2008E-10E to $4.50, $4.65 and $5.35, respectively to reflect the impact of equity markets declines on fee based revenues and higher VA hedge breakage costs. Although Lincoln still possesses one of the industry's most attractive distribution platforms we are increasingly concerned this represents a potentially wasting asset in the wake of key executive departures. Management did little at the recent analyst meeting to allay market fears about the risks facing the company with respect to its VA liabilities and investment quality. At this juncture, we believe a sale appears as the most desirable outcome."
Lincoln National Corporation (LNC) is a holding company that operates multiple insurance and investment management businesses through subsidiary companies.
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