UPDATE: Piper Jaffray Starts Torchmark (TMK) at Neutral

Piper Jaffray initiated coverage on Torchmark (NYSE: TMK) with a Neutral rating and a price target of $61.00.

Analyst John Nadel commented, "Torchmark inarguably has the most predictable earnings stream and ROE within our coverage universe and management consistently deploys free cashflow into share repurchases and modest dividend hikes. The only question is finding a reasonable entry point to own the shares, and at 12.3x our 2016E EPS and 2.0x BVPS excl. AOCI, we think the stock is nearly fully valued and thus initiate with a Neutral rating and await a better absolute or relative entry point."

For an analyst ratings summary and ratings history on Torchmark click here. For more ratings news on Torchmark click here.

Shares of Torchmark closed at $57.07 yesterday.

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