Lincoln National

LNC · NYSE

$39.55+$0.27 (+0.69%)TodayMarket closed · Oct 20, 7:43 PM ET

Prev close $39.28

LNC analyst rating

HoldConsensus of 15 analysts over the last 12 months. 40% rate it a buy.

Strong buy0
Buy6
Hold7
Underperform2
Sell0

12-month price target · 15 analysts

Average $47.81 (+20.9% upside)

Low: $31.78
Now: $39.55
High: $63.00

Upgrades and downgrades

The latest rating actions, newest first

LNC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 15, 2026	Maintains	Underweight	$49.00 → $47.00	81%
Wells Fargo	Oct 12, 2026	Maintains	Overweight	$52.00 → $54.00	75%
Keefe, Bruyette & Woods	Oct 9, 2026	Maintains	Outperform	$51.00 → $50.00	71%
Mizuho	Oct 7, 2026	Maintains	Outperform	$53.00 → $49.00	58%
Barclays	Oct 7, 2026	Maintains	Overweight	$45.00 → $48.00	61%
Evercore ISI Group	Oct 7, 2026	Maintains	In-Line	$52.00 → $51.00	59%
UBS	Oct 6, 2026	Maintains	Neutral	$44.00 → $46.00	57%
Morgan Stanley	Oct 5, 2026	Maintains	Overweight	$50.00 → $47.00	49%
Morgan Stanley	Aug 24, 2026	Maintains	Overweight	$40.00 → $50.00	49%
Mizuho	Jul 31, 2026	Maintains	Outperform	$51.00 → $53.00	58%

The case for and against

Updated Oct 22, 2025

Bull case

Lincoln National Corporation (LNC) is optimistic about its growth trajectory, aided by a recent investment from Bain, which the company believes will help optimize its legacy liabilities in life insurance while accelerating future growth. The firm’s strategy includes a focus on expanding spread-based products, such as registered index-linked annuities and fixed annuities, supported by asset management fees that remain competitive. Additionally, LNC's strong utilization rates in Group Protection indicate favorable macroeconomic conditions, bolstering the company's positive outlook.

Bear case

Lincoln National Corp faces significant challenges, particularly in its net investment income, which is under pressure due to ongoing normalization headwinds. The company has experienced outflows in its Annuities and Retirement segments, a trend expected to continue amid market volatility and economic uncertainty. Although there has been a capital position improvement linked to an investment from Bain Capital, the adjustments to prospective earnings estimates indicate a lack of confidence in the company's near-term financial performance.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.