UPDATE: Deutsche Bank Downgrades Torchmark On Not Enough Upside

In a report published Wednesday, Deutsche Bank analyst Yaron Kinar downgraded the rating on Torchmark Corporation (NYSE: TMK) from Buy to Hold, and lowered the price target from $59.00 to $58.00.In the report, Deutsche Bank noted, “We had previously highlighted lingering uncertainties that we had about the company's non-core Medicare Part D business, namely around timing and pricing. While the Part D business only contributes 5% of normalized consolidated underwriting earnings, adverse results in this business could nonetheless drive earnings misses - as seen in 3Q14 and also call management credibility into question. We find that the 10% upside remaining to our revised target price (revision based on market valuations) is not enough to compensate for the elevated near-term risk. No changes to estimates. Downgrading from Buy to Hold.”Torchmark closed on Tuesday at $52.47.