UPDATE: Citigroup Initiates Torchmark at Neutral on Valuation

Citigroup initiated coverage on Torchmark Corporation

with a Neutral rating and $56.00 price target. Citigroup noted, "In our view, TMK is one of the premier franchises within the life insurance sector given its superior ROE, strong capital generation, and predictable earnings. While our fundamental outlook is also generally positive, we believe the current valuation offers limited upside potential. We could become more bullish if the stock pulls back." Torchmark closed at $53.05 on Wednesday.