Piper Sandler lowered the firm’s price target on Lincoln National (LNC) to $36 from $38 and keeps an Overweight rating on the shares. While Group Protection showed improving earnings performance that did not suggest near-term macro deterioration has been seen in increased utilization, Life underperformed driven by variable investment income, the firm notes. Annuities and Retirement continues to outflow, which is something Piper would not be surprised to see persist in a backdrop of market volatility and economic uncertainty.
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