Lincoln National price target lowered to $20 from $29 at Barclays

Barclays analyst Tracy Benguigui lowered the firm’s price target on Lincoln National to $20 from $29 and keeps an Equal Weight rating on the shares. The analyst says the transition to LDTI resulted in a $1.55 drag on 2022 adjusted earnings per shared, worse than expected. LDTI may not lead to better comparability as Lincoln’s definition of adjusted earnings removes the effects of market risk benefits volatility, the analyst tells investors in a research note.