Lincoln National price target lowered to $34 from $37 at Piper Sandler

Piper Sandler lowered the firm’s price target on Lincoln National to $34 from $37 and keeps a Neutral rating on the shares. The firm notes “lifecoland” largely traded higher in Q3 with outperformance seen by fee and underwriting portions of the universe while many spread-focused companies have been challenged driven by concerns about spread income, sales and actuarial assumption reviews. Piper continues to favor underwriters.