Wells Fargo upgrades Lincoln National on positive momentum

Wells Fargo upgraded Lincoln National (LNC) to Overweight from Equal Weight with a price target of $48, up from $41. The company’s “momentum is gathering in a positive direction” as it is increasing free cash flow, reducing leverage, and returning capital to shareholders, the analyst tells investors in a research note. Wells now expects Lincoln to resume buying back stock in 2026 with an acceleration in 2027 and 2028.