The shares of insurance and investment management company Lincoln National Corp. (LNC), first discussed here on June 18, 2009, at a price of $15.92, continued to push higher in the past three months, testing $33 before a recent pullback. I still like the business model at this stage.

Moreover, if you haven't already, given the roughly 100% gain, now would be good time to consider taking some profits with LNC.

Investors who can tolerate the risk can maintain their full position, but keep in mind that the journey to $40 may not be completed in 2011.

Insurance/investment management company Lincoln National Corp (LNC), first discussed here on June 18, 2009, at a price of $15.92, has moved to slightly higher ground in the past four months, approaching $30, and I still like the business model at this stage.

In fact, given the roughly 80% gain, now would be good time to consider taking some profits with LNC, if you haven't already.

Other investors who can tolerate the risk can maintain their full position, but keep in mind that the journey to $40 may not be completed in 2011.

Analyst Upgrades

• Ryder (R) to outperform from sector perform at RBC Capital.
• HCP (HCP) to outperform from neutral at RW Baird.
• Hertz Global (HTZ) to overweight from equal weight at Barclays.
• Lincoln National (LNC) to buy from neutral and T. Rowe Price (TROW) to conviction buy from neutral at Goldman.
• Protective Life (PL) and Janus Capital (JNS) to neutral from sell at Goldman.
• Newell Rubbermaid (NWL) to overweight from equal weight at Morgan Stanley.
• National Instruments (NATI) to overweight from neutral at JPMorgan.
• Team Health (TMH) to buy from hold at Deutsche Bank.

Financial services play Lincoln National Corp. (LNC), first discussed here on June 18, 2009, at a price of $15.92, appears to have survived a summer bear-hug plunge.

Look for Lincoln's life insurance revenue to increase 6% to 8% in 2010, accompanied by sales growth in its annuities product line.

Further, product modifications to its defined contribution business should lead to more-encouraging results in 2010, but the to-date, subpar U.S. economic recovery will likely continue to dent the unit's revenue.

Analyst Upgrades

• Goldman upgraded Citigroup (C) to conviction buy from buy, Principal Financial (PFG) to buy from neutral, and Stancorp Financial (SFG) and Hartford Financial (HIG) to neutral from sell.
• JetBlue (JBLU) was upgraded to overweight from neutral at JPMorgan.
• Barclays upgraded Royal Caribbean (RCL) and Carnival (CCL) upgraded to overweight from equal weight.
• Hollysys Automation (HOLI) was upgraded to buy from hold at Roth Capital.
• RBC Capital upgraded Alliance Data Systems (ADS) to outperform from sector perform.
• RRI Energy (RRI) was upgraded to buy from hold at Citigroup.

Hartford Financial (HIG - option chain) stock is trading lower today after the US Treasury Department announced it will sell its warrant positions in HIG and Lincoln National (LNC) over the next several weeks. The Treasury initially received these warrants as part of the financial sector bailout program. This news is sending both stocks significantly lower as traders expect these sales will create bearish pressure on the stock. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on HIG.

This morning, HIG opened at $22.19. So far today the stock has hit a high of $22.22 and a low of $21.51. As of 12:30, HIG is trading at $21.94, down $0.51 (-2.3%). The chart for HIG looks bullish and S&P gives HIG a positive 4 STARS (out of 5) buy ranking.

Analyst upgrades:

• UBS upgraded Salesforce.com (CRM) to Buy from Neutral based on positive feedback on the Chatter product and increasing confidence the company can beat FY11 guidance. The firm raised its price target to $111 from $90.
• Leerink upgraded Vivus (VVUS) to Outperform from Market Perform. The firm believes Qnexa issues raised by the FDA are labeling and marketing issues, and not approval issues. The firm expects a positive panel vote for Qnexa.
• Goldman upgraded AK Steel (AKS) to Buy from Netural citing lower iron ore prices. The firm has a $17 price target on the stock.
• Kinder Morgan Energy (KMP) was upgraded to Equal Weight at Morgan Stanley.
• Shire (SHPGY) was upgraded to Outperform from Neutral at Credit Suisse.
• Canadian National (CNI) was upgraded to Outperform from Market Perform at Raymond James.

The outlook for financial services play Lincoln National Corp (LNC), which I first discussed here on June 18, 2009 at a price of $15.92, still looks good. Here's why:

Lincoln's $2.1 billion stock offering, participation in the TARP program, and a stock market rise that has improved the capital position of LNC's variable annuity guarantees, has brightened the skies for the company.

Lincoln National Corp.'s (LNC) steadily-improving performance means it is a financial services/insurance play with an attractive valuation, which is a major reason I'm reiterating my buy rating for the company's shares, first recommended on June 18, 2009, at a price of $15.92. If you bought LNC in June, you're up more than 50%.

A combination of a $2.1 billion stock offering, participation in the TARP program, and a stock market rise that has improved the capital position of Lincoln National's variable annuity guarantees, has brightened the skies for Lincoln.

High-risk play Lincoln National Corp.'s (NYSE: LNC) business model has stabilized, hence I'm Reiterating my Buy rating for the company's shares, first recommended on June 18, 2009 at a price of $15.92. If you bought LNC's shares in June, you're up an impressive 71%.

A combination of a $2.1 billion stock offering, participation in the TARP program, and a stock market rise that has improved the capital position of LNC's variable annuity guarantees, has brightened the skies for Lincoln.

Analyst upgrades:

• Bernstein upgraded Lincoln National (NYSE: LNC) to Outperform from Market Perform based on relative valuation and expectations the company will repay TARP without a capital raise. The firm raised its target to $34 from $26.
• Thomas Weisel upgraded Ticketmaster (NASDAQ: TKTM) to Overweight from Market Weight and raised its target to $12 from $8 citing dynamic ticket pricing and the potential merger with Live Nation (NYSE: LYV).
• Citigroup upgraded Harley-Davidson (NYSE: HOG) to Hold from Sell after channel checks indicated retail sales have improved since Q2. The firm raised its target on shares to $26 from $14.
• McDermott (NYSE: MDR) was upgraded to Outperform from Neutral at Credit Suisse.
• Ericsson (NASDAQ: ERIC) was upgraded to Hold from Sell at Deutsche Bank.
• General Electric (NYSE: GE) was upgraded to Overweight from Neutral at JPMorgan.

TheStreet.com's Jim Cramer says the presumption remains that we're doing badly. I disagree and will place my bets.

As a bull who feels like he's "won" of late, I am about as sure of myself as a gambler who has just had a couple of blackjacks, meaning that I expect to be given a 16 any week now. That doesn't mean you can't play out of a 16, especially when the dealer's got something similar. It does mean you have to be at the table.

I use the analogy because there's something about the "hotness" of this market after the employment number that flies in the face of what could happen if the big gains in the economy truly are all government and not private sector, especially if you look at the charts, which reveal an overextended and expensive market. The charts say we're about to stall out, and it bothers me because they've said that all the way up. And it bothers me because literally everyone I respect in this business -- except Steve Leuthold -- has emerged with a consensus view that the economy without stimulation would be near collapse, and even with stimulation will collapse anyway because of all the debt taken down to stimulate.

Analyst upgrades:

• Citigroup upgraded American Express (NYSE: AXP) to Buy from Hold and added the stock to its Top Picks Live list following the company's investor day. Citi believes American Express' credit trends are improving and raised its price target on shares to $36 from $28.
• Janney Montgomery upgraded Gardner Denver (NYSE: GDI) to Buy from Neutral after meeting with management to reflect expectations for EPS growth in 2010 and valuation. The firm has a $38 target on the stock.
• BofA/Merrill upgraded Freeport McMoRan (NYSE: FCX) to Buy from Underperform and raised its target to $87 from $49 based on strong copper fundamentals.
• Cbeyond (NASDAQ: CBEY) was upgraded to Overweight from Equal Weight at Stephens.
• Gibraltar Industries (NASDAQ: ROCK) was upgraded to Outperform from Neutral at Baird.
• Fortress (NYSE: FIG) was upgraded to Outperform from Market Perform at Keefe Bruyette.

TheStreet.com's Jim Cramer says if you wait for market conditions to reach perfection, you'll be waiting a long time.

You know what? I am going to wait until I am sure housing has turned before I buy the homebuilders like Lennar (NYSE: LEN) (Cramer's Take) and Pulte (NYSE: PHM) (Cramer's Take). I am going to wait until the foreclosures peak before I buy Bank of America (NYSE: BAC) (Cramer's Take) and Wells Fargo (NYSE: WFC) (Cramer's Take).

I am going to wait until unemployment goes down before I buy 3M (NYSE: MMM) (Cramer's Take) and Disney (NYSE: DIS) (Cramer's Take) and IBM (NYSE: IBM) (Cramer's Take) and Caterpillar (NYSE: CAT) (Cramer's Take).

TheStreet.com's Jim Cramer says you'll miss some great opportunities if you blindly believe all the bad news.

You want a rebuke to the "never-ending woes of commercial and residential real estate mortgage bonds"? You get one every day in this market, and today is no different. Look at what is up big today: Genworth (NYSE: GNW) (Cramer's Take), Lincoln National (NYSE: LNC) (Cramer's Take), Wyndham (NYSE: WYN) (Cramer's Take), Regions Financial (NYSE: RF) (Cramer's Take) and Zions (NASDAQ: ZION) (Cramer's Take). Each in its own way needs the residential or commercial real estate markets to be robust to thrive, and if the myriad articles I read about the horrible state of the mortgage bond market and the dim commercial real estate prospects were true, why would you be making money in Wyndham, a gigantic timeshare company? How could Regions and Zions be rallying? They are among the worst of the worst; unless you consider Genworth and Lincoln National, which are supposed to be roadkill because of all of their mortgage bonds.