Citi maintains its Buy rating and $60 target on Aflac AFL, but has raised its 2010E/12E to $5.55, $6.20 and $6.85, respectively, to reflect the weakening of the dollar as it now assumes a ¥/$ exchange rate of 85. On a nominal basis our forecasts are largely unchanged. Near-term the troubled $69.5B investment portfolio in Japan with its above-average exposure to hybrid preferred securities and European financials remains a valuation risk and will likely see the write-down of approx. $1B of Greek bank debt by YE10.
AFL will report 3Q10 on Oct. 26, with the earnings call at 10am the following morning.
AFL closed Friday at $55.46
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in