Wells Fargo Upgrades Lincoln National (LNC) to Overweight with $48 Price Target
Wells Fargo analyst Wesley Carmichael has upgraded Lincoln National Corporation (NYSE: LNC) from Equal Weight to Overweight, raising the price target from $41 to $48. The new target represents approximately 17% upside from the stock’s recent trading levels, signaling increased confidence in the life insurance and retirement services company’s prospects.
Why the Rating Changed
The upgrade from Wells Fargo reflects a more positive outlook on Lincoln National’s financial trajectory. Based on available coverage of the rating change, several factors appear to be driving the analyst’s decision:
- Signs of Financial Improvement: News coverage of the upgrade notes that Lincoln National is “showing signs of financial” progress, suggesting the company’s turnaround efforts and balance sheet management are gaining traction in the eyes of Wells Fargo’s analyst team.
- Valuation and Fundamentals Alignment: Recent analysis has highlighted that Lincoln National’s valuation and fundamentals are “in sync,” indicating the stock may be attractively priced relative to its underlying business performance. This alignment appears to have been a contributing factor in Wells Fargo’s decision to move the stock to an Overweight rating.
- Broader Analyst Sentiment: According to Benzinga, five analysts have expressed a variety of opinions on Lincoln National over the past quarter. Wells Fargo’s upgrade adds a notable bullish voice to the mix and raises the bar with a $48 price target — a meaningful step up from the prior $41 target.
The 17% increase in the price target suggests Wells Fargo sees meaningful room for share price appreciation, likely driven by improved earnings power, operational execution, or favorable conditions within the life insurance and annuities sector.
Lincoln National’s Dividend Profile
For income-focused investors, Lincoln National continues to offer a compelling dividend yield. Here are the key details:
- Annual Dividend: $1.80 per share
- Dividend Yield: Approximately 5.05%
- Most Recent Ex-Dividend Date: April 9, 2026
A yield above 5% is notable in the current market environment and places Lincoln National among the higher-yielding names in the insurance sector. Investors considering the stock for its income potential should monitor the company’s earnings trajectory and payout ratio to assess the sustainability of this dividend over time. The Wells Fargo upgrade, combined with the generous yield, could attract attention from dividend-oriented portfolios looking for both income and potential capital appreciation.
The Bottom Line
Wells Fargo’s upgrade of Lincoln National to Overweight with a $48 price target signals growing confidence in the company’s financial direction. Paired with a 5.05% dividend yield, the stock presents an interesting combination of income and potential upside for investors who share the analyst’s positive outlook on the company’s fundamentals.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Analyst ratings and price targets represent the opinions of individual firms and are not guarantees of future stock performance. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.