Morgan Stanley analyst Nigel Dally downgraded Aflac to Equal Weight from Overweight with a price target of $75, up from $74. The analyst continues to view positively the fundamental prospects for Aflac, but is downgrading the stock with the valuation having moved to a level where the firm considers upside to be more limited. Second quarter results for the insurers generally beat expectations, with favorable mortality more than offsetting still challenged private equity marks, the analyst tells investors in a research note.
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