Sterne Agee Reiterates Buy Rating, $63 PT on AFLAC

In a report published Wednesday, Sterne Agee Group reiterated its Buy rating and $63.00 price target on AFLAC

. Sterne Agee noted, “With the recent weakening of the Yen vs. Dollar (2-3pts weaker in the past 1-2 weeks) and relatively strong performance of AFL shares particularly since 3Q12 earnings, our sense is investors are turning more bearish. This makes very little sense to us with the stock trading at 7.3x 2013E EPS and margin pressures in Japan beginning to ease.” AFLAC closed on Tuesday at $50.96.