Lincoln National price target lowered to $23 from $36 at Piper Sandler

Piper Sandler analyst John Barnidge lowered the firm’s price target on Lincoln National to $23 from $36 and keeps a Neutral rating on the shares. The bank failures in March have overshadowed a continued improving mortality environment for insurers, the analyst tells investors in a research note. The firm also thinks long-duration targeted improvement accounting changes will smooth out the earnings volatility of mortality-based businesses.