UPDATE: Sterne Agee Downgrades AFLAC to Neutral on Near-Term Headwinds
Sterne Agee downgraded Aflac Incorporated (NYSE: AFL) from Buy to Neutral and lowered the price target from $63.00 to $62.00.
Sterne Agee said, "We are downgrading AFL shares from Buy to Neutral as the recent significant weakening of the Yen vs. the Dollar will negatively impact EPS revisions as well as capital repatriation from the Japan branch. Further, despite the positive influence of the company's new portfolio allocation strategy, we believe downside risk to Japan margins remains somewhat high. We believe the combination of these risks will ultimately present investors with a better buying opportunity."
AFLAC closed at $52.95 on Monday.
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Tags: Sterne Agee