Lincoln National price target lowered to $27 from $29 at Piper Sandler

Piper Sandler lowered the firm’s price target on Lincoln National to $27 from $29 and keeps a Neutral rating on the shares. The firm notes that lifeco stocks have continued to outperform equity markets as spread and underwriting areas of the industry see tailwinds. That said, a key spread participant has yet to close a sizable risk transfer, which Piper believes adds a level of uncertainty.