Morgan Stanley analyst Bob Huang upgraded Lincoln National (LNC) to Overweight from Equal Weight with a price target of $58, up from $41. The company’s turnaround is on track as it shifts to a more capital light business mix, the analyst tells investors in a research note. The firm says Lincoln is posting profitable earnings growth and maintaining strong capital levels. As a result, the stock’s valuation should re-rate toward its historical norms, contends Morgan Stanley.
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