FBR Capital Downgrades Lincoln National (LNC) to Market Perform
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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."
Shares of Lincoln National closed at $52.66 yesterday.
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