Wells Fargo raised the firm’s price target on Lincoln National (LNC) to $37 from $35 and keeps an Equal Weight rating on the shares. The firm notes Lincoln National had a strong quarter even when the bar was high. Wells thinks the overall setup for Lincoln National is positive, as it is in the early innings of its turnaround and has runway to leverage its Bain relationship. Going forward, the firm believes eyes will be on group business results, progress in the strategic initiatives laid out in conjunction with the Bain deal, and a potential return to share repurchases.
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