Citi Lowers PT to $18 and adjusts EPS on Lincoln National Corp.

A report from Citi states that it has lowered the price target from $20 to $18 and raised the ‘12/'13 EPS to $3.70 and $4.35 on Lincoln National Corp. LNC. In the report, Citi writes, “Our target is consistent with the drop in peer valuations. Our forecasts include the negative impact to book value and earnings of the pending GAAP ASU 2010-26 change for deferred acquisition costs (DAC).” Citi maintains its Hold rating on LNC, which closed yesterday at $15.33.