Lincoln National (LNC) PT Raised to $33 at Evercore ISI

Evercore ISI analyst Thomas Gallagher raised the price target on Lincoln National (NYSE: LNC) to $33.00 (from $32.00) while maintaining a In Line rating.

The analyst comments "...we tweak our 1Q24 estimate lower (from $1.35 to $1.02) largely to reflect severance expense of around $40mm, while our forward estimates starting in 2Q24 move up by around 3% to reflect the favorable 1Q equity market performance and the favorable impact on fee income in the annuity segment (very strong S&P 500, other indices more muted). Along with our 2025 estimate increase, our PT also increases from $32 to $33."

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