UPDATE: Citi Lowers Price Target On Lincoln National To $23

According to Citi, Lincoln National LNC price target is lowered to $23. Citi said that it reiterates its Hold (2H) rating on the shares of LNC but have lowered the target price to $23 and downwardly revised the 20011E-13E to $4.00, $4.00 and $4.40. “As one of the largest writers of both variable annuities (VAs) offering living benefits and secondary guarantee universal life (SGUL), Lincoln has well above average sensitivity to both equity markets and long-term interest rates.” Lincoln National closed on Friday at $19.46.