UPDATE: Citigroup Downgrades AFLAC on Limited Near-Term Catalysts - Aflac (NYSE:AFL)

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In a report published Monday, Citigroup analyst Erik J. Bass downgraded the rating on

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AFLAC

(NYSE: AFL) from Buy to Neutral, and lowered the price target from $71.00 to $70.00.In the report, Citigroup noted, “Our bullish thesis on AFL was largely predicated on reaccelerating EPS growth leading to P/E multiple expansion. The timing of this has been pushed out given the company's guidance for higher investment spending in 2014 and 2015. While we believe management's actions (particularly to reduce SMR volatility) are long-term positives, we see limited near-term catalysts.”AFLAC closed on Friday at $65.10.