FBR Capital Downgrades Lincoln National (LNC) to Market Perform
- Wall Street falls as bank, healthcare shares weigh
- Qualcomm (QCOM) Faces U.S. Antitrust Case Over Licensing - Bloomberg
- BAT Reaches Deal to Acquire Reynolds American (RAI) for $49 Billion
- Verizon Communications (VZ) May Acquire Big Cable Company - NYP (CHTR) (CMCSA)
- Citron Research Negative on Lannett (LCI); Sees Shares at 'Zero' Over Long Term
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
FBR Capital downgraded Lincoln National (NYSE: LNC) from Outperform to Market Perform with a price target of $55.00.
Analyst Randy Binner commented, "The low interest rate environment has left life names range-bound over the past three years, so we use a valuation screen of the last three years of forward P/E data as our primary valuation tool. LNC has moved to 59% of this range versus the peer median of 69% and is just shy of our $55 price target (8.3x our 2017E EPS estimate). While a higher stock market and interest rates could carry LNC higher, beta is 1.9x and we are moving to the sidelines. On July 11, 2016, we downgraded UNM to Underperform and put on a pair with LNC. This trade is +16% in that time and the catalyst of narrowing relative valuation and good LNC results has performed."
Shares of Lincoln National closed at $52.66 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: JPMorgan Downgrades OneMain (OMF) to Neutral
- Citi Downgrades Valero Energy (VLO) to Neutral
- Mizuho Securities Raises Price Target on Noble Energy (NBL) to $48; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!