Lincoln National upgraded to Buy from Hold at Jefferies

Jefferies upgraded Lincoln National to Buy from Hold with a price target of $34, up from $26. The firm feels the U.S. life insurance industry “is at an inflection point,” where annuity segments have the potential to enjoy some of the strongest growth and returns in decades. Assuming long-term interest rates remain broadly in line with current levels, the “return of retail” will be a multi-year investable theme, the analyst tells investors in a research note. Jefferies says annuities is the area within U.S. life “with the greatest disconnect between growth potential and valuation.”