** Investment bank Lincoln International's LCLN.N shares fall 6.5% to $23.22, underperforming rivals as IPO research quiet period ends

** Morgan Stanley, BMO Capital Markets, Citizens Capital Markets, Evercore ISI, and Keefe, Bruyette & Woods among Wall Street brokerages initiating coverage on LCLN

** Analysts broadly believe LCLN is fairly priced given challenging backdrop for middle-market sponsor exits

** KBW sees LCLN well-positioned to continue to grow in tandem with broader private capital markets

** Citizens says LCLN has built a rare combination of attributes, noting its market-leading valuations franchise and strong relationships with some of the largest private equity sponsors across the globe

** Goldman Sachs and Morgan Stanley acted as joint lead book-running managers for IPO

** As of last close, LCLN stock up 24% since May debut