Aflac initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Aflac with an Equal Weight rating and $73 price target. COVID impacts are waning and the company’s sales have bottomed, but Aflac still has a long way to go to surpass 2019 levels, the analyst tells investors in a research note. The firm says the company’s commercial real estate loans could also be a headwind as Aflac has a transitional book.