Aflac price target lowered to $110 from $115 at Raymond James

Raymond James lowered the firm’s price target on Aflac (AFL) to $110 from $115 and keeps an Outperform rating on the shares. Raymond James likes the company’s stable operations, protection-oriented business model, $40B+ of excess and redundant capital and reserves, and limited sensitivity to macroeconomic conditions, the analyst tells investors in a research note. The firm also gives Aflac credit for its strong excess capital position and ability to free up incremental capital via Bermuda reinsurance.