Lincoln National (LNC) PT Lowered to $30 at Piper Sandler

Piper Sandler analyst John Barnidge lowered the price target on Lincoln National (NYSE: LNC) to $30.00 (from $32.00) while maintaining a Neutral rating.

The analyst commented, "LNC’s results illustrate it remains on the path of its strategic re-positioning focused on several key areas: 1) building a stronger capital foundation for stability across market cycles while supporting profitable growth, 2) optimizing its operating model for scale (e.g. expense efficiencies and general account optimization), and 3) delivering profitable growth towards realigning towards products with more stable cash flows, focused on maximizing risk adjusted returns while decreasing sensitivity to equity markets. Distribution has been impacted by new entrants to the RILA (registered index linked annuity) marketplace that is leading to LNC releasing generation 2.0 products to be more competitive for distribution, which we believe is representative of commoditization of the product. We are maintaining our Neutral rating while reducing our price target to $30 from $32 with our ‘25E multiple falling to 4x from 4.4x previously reflecting lower peer group multiples."

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