UPDATE: Sterne Agee Raises PT on AFLAC Based on Stronger Yen/Dollar
In a report published on Friday, Sterne Agee analyst John M. Nadel raised the PT on AFLAC (NYSE: AFL) from $65 to $67 and maintained a Buy rating on the company.
In the report, Sterne Agee commented that, ". Reflecting recent Yen/Dollar strengthening, we felt the embedded assumption within our model was somewhat materially outdated. As such, we are moving Yen/Dollar to more current market levels of about 94+, versus prior 99+. As a result, our 2013/14E EPS move modestly higher, from prior $6.07/$6.47 to new $6.15/$6.67, respectively. Our Price Target moves up from $65 to $67, still based on 10x our 2014E EPS. As a reminder, AFL's annual EPS should move roughly $0.045 higher/lower for each 1pt stronger/weaker Yen/Dollar, all else equal."
AFLAC closed Thursday at $57.46.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.