Lincoln National: There’s A Lot More To The Story Than Interest Rates, Says UBS

In a research report issued Friday, UBS analyst Suneet Kamath assigned a Buy rating on Lincoln National (NYSE:LNC), and slightly raised his price target to $60 (from $56).

Kamath commented: “We raise our 2014 EPS estimate from $5.60 to $5.70 and our 2015 estimate from $6.00 to $6.15, driven by higher earnings run-rates for Annuities and Life Insurance, as well as a lower projected loss in Other. As a result of these revisions and higher market multiples since our last price target update, we raise our price target. Bottom line, we see upside in LNC’s stock price through a combination of stable to increasing ROEs over time and 10% annual growth in BVPS. Given our view that LNC’s 12-13% ROE is sustainable, we find the stock’s 1.1x P/B valuation attractive.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Suneet Kamath has a total average return of 14.9% and a 60.0% success rate. Kamath has a 58.9% average return when recommending LNC, and is ranked #913 out of 3315 analysts.

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