UPDATE: Citigroup Initiates AFLAC at Buy on Earnings Strength
Citigroup initiated coverage on AFLAC (NYSE: AFL) with a Buy rating and a $62.00 price target.
Citigroup said, "We consider AFL to be one of the premier franchises in the life insurance sector given its superior ROE and consistent earnings. In our view, results have reached an inflection point, and we forecast EPS growth to steadily accelerate over the next few years, driving further expansion in the P/E multiple. … The key factors driving AFL's high ROE are its low cost structure, industry leading persistency, focus on less capital intensive products, and active capital management."
AFLAC closed at $52.44 on Wednesday.
Latest Ratings for AFL
|Jul 2016||Deutsche Bank||Maintains||Hold|
|May 2016||Keefe Bruyette & Woods||Downgrades||Outperform||Market Perform|
|May 2016||FBR Capital||Downgrades||Outperform||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.