UPDATE: Sterne Agee Upgrades Torchmark; Raises PT

According to a research report published this morning, Sterne Agee has upgraded Torchmark

from Underperform to Neutral, and has increased PT from $51 to $56. In the report, Sterne Agee said, "Following 1Q12 results and surprising CEO succession announcement, we are upgrading TMK to Neutral from Underperform. Despite TMK's rich valuation versus peers, we see little fundamental risk to the story; in fact, it would appear fundamentals (other than the rate environment) continue to improve." Torchmark is currently trading at $48.40.