Aflac price target lowered to $125 from $130 at Piper Sandler

Piper Sandler lowered the firm’s price target on Aflac (AFL) to $125 from $130 and keeps an Overweight rating on the shares. The firm notes the company reported a miss versus its and consensus’ estimates primarily driven by underperformance in Japan where the pre-tax margin was less than Piper projected. Earnings emergence was challenged for the second quarter in a row, but there was underlying improvement in a consistently more favorable benefit ratio that has emerged out of Aflac’s Japan business with the distribution remaining strong, the firm adds.