UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Torchmark Corporation on Model Update

In a report published Thursday, Citigroup analyst Erik J. Bass reiterated a Neutral rating on Torchmark Corporation TMK, and raised the price target from $53.33 to $56.00. In the report, Citigroup noted, “As result of TMK's 3-for-2 stock split, we are updating our model and estimates. Beyond the stock split, there are no other changes to our earnings estimates. However, we are adjusting our price target to $56 to reflect the roll forward of our valuation to use estimated 2Q15 book value (ex. AOCI). Our target assumes a 12.5x multiple on 2015 EPS and about 1.95x book value (ex. AOCI).” Torchmark Corporation closed on Wednesday at $54.83.