FBR Capital Downgrades Lincoln National (LNC) to Market Perform

November 9, 2016 7:35 AM EST
Get Alerts LNC Hot Sheet
Price: $65.96 -1.86%

Rating Summary:
    7 Buy, 11 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
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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."

For an analyst ratings summary and ratings history on Lincoln National click here. For more ratings news on Lincoln National click here.

Shares of Lincoln National closed at $52.66 yesterday.

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