Lincoln National rises after Morgan Stanley upgrades to 'overweight'
** Insurance firm Lincoln National's LNC.N shares rise 3.5% to $41.20 premarket
** Morgan Stanley upgrades LNC to "overweight" from "equal-weight"; raises PT to $58 from $41, representing 45.7% upside to stock's last close
** Brokerage says LNC's turnaround remains firmly on track as company shifts to more capital light business mix delivering steady and profitable earnings growth
** Adds that LNC's group protection business is poised to drive earnings outperformance as it leans on expanded product suite and robust sales and premium growth
** LNC valuation merits re-rating towards historical norms, suggesting nearly 2x multiple expansion, Morgan Stanley says
** Two of 14 brokerages rate stock "buy" or higher, 10 "hold" and two "sell" or lower; median PT $40 - data compiled by LSEG
** As of last close, LNC shares up 25.5% YTD
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