UPDATE: UBS Starts Lincoln National (LNC) at Buy; Current Valuation Discounted Despite Low Interest Rates

(Updated - July 18, 2012 11:33 AM EDT)

UBS initiates coverage on Lincoln National (NYSE: LNC) with a Buy. PT $29.00.

Analyst, Suneet Kamath, said, "We favor LNC as a deep value play in our U.S. Life coverage, given 1) its disciplined growth strategy through its industry leading distribution; and 2) its capital management flexibility....Although low interest rate remains a key risk for LNC, we estimate that its current valuation discount to its 2012E ROE implies an overly onerous $(3.9)B reserve build...Positioned for accretive capital management despite low interest rates."

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 $20.73 yesterday.

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