UPDATE: Raymond James Downgrades Aflac on Valuation

In a report published Wednesday, Raymond James analyst Steven D. Schwartz downgraded the rating on

from Outperform to Market Perform, and removed the $68.50 price target. In the report, Raymond James noted, “We are lowering our rating on shares of Aflac to Market Perform from Outperform on valuation. Despite limited upside to our price target, we had maintained our prior rating given potential upside from the new Japan Post agreement. However, further appreciation in AFL shares since we last revisited our price target and rating has made a more positive rating difficult to justify.” Aflac closed on Tuesday at $67.00.