Citi Reiterates Hold on Lincoln National Corp. (LNC)

Citi is out with its report today on Lincoln National Corp. LNC, reiterating Hold and a $29 price target. In its note sent to clients, Citi writes, "Operating EPS of $0.82 fell short of our $0.89E and FC at $0.88, due to about $0.10 of net unfavorable items. There is no change to our 2011E-2013E. LNC remains among the most interest- and equity market-sensitive insurers within our universe. Should both of these continue to rise in 2011, the shares could potentially become attractive as the 'beta trade' within the group as this would begin to mitigate the merit of the steep discount to BV they currently trade at of about 0.7x YE11 BV, vs. a peer average of 1.1x." Shares of LNC closed yesterday at $29.66, down 2.18% from Tuesday's close.