UPDATE: Credit Suisse Cuts PT to $58 on AFLAC on Yen Weakness
Credit Suisse maintained Aflac (NYSE: AFL) with an Outperform rating and lowered the price target from $59.00 to $58.00.
Credit Suisse commented, "AFL reported operating EPS of $1.48, a penny above our estimate and in line with consensus. While tracking segment earnings in a quarter where the yen moves around a lot on a USD reporting basis is difficult, our initial read is that slightly lower than expected Japanese earnings (on a yen basis) were offset by stronger than expected US earnings. The pre-tax margin in Japan was weaker at 17.7%, down 110 bps vs. a year ago, driven by the continued mix shift out from third sector products into WAYS, which generates a lower pretax margin."
AFLAC closed at $53.49 on Tuesday.
Latest Ratings for AFL
|May 2015||Keefe Bruyette & Woods||Maintains||Market Perform|
|May 2015||Goldman Sachs||Initiates Coverage on||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.