Deutsche Bank Maintains Buy on Aflac

Deutsche Bank is out with its report today on Aflac AFL, maintaining Buy. In a note to clients, Deutsche Bank writes, "Reduced 2012 EPS estimate to $5.90 from $6.10 to reflect an increased benefit ratio assumption for Aflac Japan. Even though the company's 2012 EPS growth outlook disappointed the market, Aflac's business remains strong: (1) normalized EPS growth is at least 6-8%; (2) underlying ROE is 18-24%; and (3) sales remain favorable in Japan and the US. Our Buy rating is based on the valuation multiple rising as Aflac aggressively de-risks its investment portfolio in 2011." Deutsche Bank has a $66 PT on AFL. Shares of AFL closed Monday at $48.82, down 1.51% from Friday's close.