01:10 AM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our 12-month target price by $3 to $28, valuing LNC shares at 4.1x our '25 operating EPS estimate of $6.90 (cut today by $0.60), versus the one-year average forward multiple of 3.7x and a peer average of 7.2x. We cut our '24 EPS estimate by $1.30 to $5.20 after LNC reported Q1 operating EPS of $0.41 versus $1.52, lagging our $1.71 EPS estimate and the $1.07 consensus view. Results were hurt by $0.96 a share of legal, severence, asset writedown, and tax charges. Underlying Q1 results reflected 5.5% lower Annuity profits on an 11% revenue rise; a wider Life Insurance loss of $35M versus $13M on 12% lower revenues; 13% higher Group Protection profits on 3% higher revenues; and 16% lower Retirement Plan profits on 2% lower revenues. We see flat to 5% higher operating revenues in '24 and '25 and a mixed margin outlook, coupled with the disruptive effects of LNC's ongoing restructuring, removing a catalyst from the shares despite the discounted valuation versus peers and current yield of 6.7%.