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