UPDATE: Piper Jaffray Starts Lincoln National (LNC) at Neutral

Piper Jaffray initiated coverage on Lincoln National (NYSE: LNC) with a Neutral rating and a price target of $68.00.

Analyst John Nadel commented, "In the context of our overall coverage, we see the upside vs. downside in LNC as relatively balanced and thus initiate with a Neutral rating. We certainly like the simplicity of LNC's business mix relative to a few of its larger-cap peers, but we think: 1) the ultimate valuation investors will ascribe to LNC's business mix is lower than most of its peers (primarily given the dominance of the VA block); and 2) there's likely to be more shortterm volatility in LNC's earnings owing to larger retained mortality block as well as uneven progress in Group turnaround. We would prefer to be buyers if such volatility presents a better relative opportunity."

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 $57.01 yesterday.

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