Moreover, the recent dividend appreciation coupled with the resumption of its stock buyback program reflects Aflac's fair liquidity while retaining investors' confidence. However, higher operating expenses and a decline in annualized ROE partially dampen the positives.
Overall, we believe a stable economy in the long run will gather momentum and negate interest and currency risk, thereby providing more profitable investment opportunities for Aflac. Our six-month target price of $64.00 per share equates to about 11.5x our earnings estimate for 2010.
AFLAC INC (AFL): Free Stock Analysis Report
Zacks Investment Research
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