Citi Upgrades Torchmark Corp (TMK) to Buy on Two Catalysts

Investing

Published: February 17, 2009 10:21 am

Last Updated: February 17, 2009 1:43 pm

Citi upgrades Torchmark Corp (NYSE: TMK) from Hold to Buy, citing valuation and strong conviction management can grow earnings and book value. The firm lowered their price target from $45 to $37.

Citi analyst says, “While we have trimmed our target price to $37, it still represents ETR of 36.6%. We have also lowered our 2009-10E to $6.15 and $6.55 and established a 2011E of $7.15. Changes follow our detailed review of what we considered to be quite satisfactory 4Q08 results…”

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