Keefe Bruyette analyst Ryan Kruger lowered the firm’s price target on Lincoln National to $33 from $41 and keeps a Market Perform rating on the shares. The analyst is neutral on life insurance stocks going into 2023 following their 2022 outperformance. Interest rate "tailwinds and a solid normalized" earnings outlook are balanced against "looming macro risks and valuations that are in line with trailing 5-10 year levels," Krueger tells investors in a research note. Capital positions are "solid but not as robust as in recent years, with more downside risk than upside potential to capital return," adds the analyst. Krueger downgraded Ameriprise on valuation and cut his Lincoln National (LNC) price target on cash flow uncertainty. For 2023, he recommends pair trades of overweight Voya Financial (VOYA) / underweight Principal Financial (PFG), and overweight Corebridge (CRBG) / underweight Prudential (PRU). The analyst also likes MetLife (MET) and Reinsurance Group (RGA) as "more defensive names with good fundamental outlooks and reasonable valuations."
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on LNC:
