UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Lincoln National Corporation as Positive Market Leverage Drives Beat

In a report published Thursday, Bank of America analyst Seth Weiss reiterated a Buy rating on

, and raised the price target from $61.00 to $63.00. In the report, Bank of America noted, “LNC has an 11.5% ROE today with some upward bias given tangible ROE is in the low teens and excess subsidiary capital and free cash flow should allow for substantial payouts to shareholders over time. Given its concentration to U.S. life insurance and VA products, it has the highest interest rate and equity market exposure among U.S. life companies. However, if rates moderate higher, and equity markets grow at a normalized pace, LNC should be among the best performing stocks in the sector.” Lincoln National Corporation closed on Wednesday at $53.01.