Aflac initiated with an Underperform at Mizuho

Mizuho initiated coverage of Aflac (AFL) with an Underperform rating and $104 price target The firm is cautious on the company’s sales growth in Japan and the U.S. Aflac’s longer term earnings growth will be “capped” by limited sales growth, which is not priced into the shares at current levels, the analyst tells investors in a research note.