UPDATE: Deutsche Bank Initiates Aflac at Hold on Margin Compression

Deutsche Bank initiated coverage on Aflac Incorporated

with a Hold rating and a $56 price target. Deutsche Bank commented, "In recent years, Aflac has reacted to market forces by partnering with banks in Japan to sell products with an asset accumulation perspective, and by working with U.S. brokers to sell group and other supplemental products. While the transitions to new distribution channels and new products have created opportunities to grow the top line, the investments and shifting business mix have resulted in margin compression." Aflac closed at $51.84 on Tuesday.