NEW YORK ( TheStreet ) -- Symetra Financial ( SYA ) was downgraded to "hold" from "buy" at Jefferies, which raised its price target to $32 from $28. The firm also lowered 2015 earnings estimates to $1.74 from $1.75 per share, with 2016 and 2017 earnings cut to $1.97 and $2.11, from $1.98 and $2.13 per share, respectively. The firm noted that they adjusted rating following the announcement on Tuesday that Sumitomo Life Insurance Company will acquire Symetra for $32 per share. "Key risks for Symetra Financial include competitive product marketplace, underwriting experience, impact of interest rates on spread margins; and potential regulatory changes," Jefferies analysts said. Symetra Financial, based in Bellevue, WA, is a financial services company in the life insurance industry that products are distributed through benefits consultants, financial institutions, broker-dealers and independent agents and advisers. Shares of Symetra Financial are rising 0.25% to $31.67 in mid-morning trading Friday.