JPMorgan downgraded Lincoln National to Underweight from Neutral with an unchanged price target of $26. The analyst cites the company’s “high-risk business” mix, a cautious stance on operating trends, and poor capital position for the downgrade. While Lincoln’s valuation is depressed and the stock has significant upside if the equity market remains strong and/or interest rates rise, downside in an adverse scenario is even more severe and the risk/reward in the stock is not compelling, the analyst tells investors in a research note.
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