Lincoln National (LNC) Price Target Cut to $46 at Morgan Stanley in Insurance Sector Update

Core Insights - Lincoln National Corporation (NYSE:LNC) is recognized as one of the 15 Best Stocks to Buy Now for Passive Income [1] - Morgan Stanley has reduced its price target for Lincoln National from $50 to $46 while maintaining an Overweight rating [2] Financial Performance - In Q4 2025, Lincoln National reported a 31% increase in adjusted operating income year-over-year, marking the sixth consecutive quarter of growth [3] - Adjusted operating income available to common shareholders was $434 million, equating to $2.21 per diluted share, while net income available to common shareholders reached $745 million, or $3.80 per diluted share [4] Business Segments - The Group Protection segment generated operating income of $109 million, the Annuities segment contributed $311 million, Retirement Plan Services reported $46 million, and the Life Insurance segment produced $77 million in operating earnings [5] - Lincoln National operates through various segments including Annuities, Life Insurance, Group Protection, and Retirement Plan Services [6]