Aflac price target raised to $83 from $80 at JPMorgan

JPMorgan raised the firm’s price target on Aflac to $83 from $80 and keeps an Overweight rating on the shares as part of a Q2 life insurance preview. The long-term fundamental outlook for the life insurance business is “downbeat, but we feel that the risk-reward in stocks is compelling,” the analyst tells investors in a research note. The firm cites a favorable macro backdrop, healthy balance sheets and ongoing share repurchases, and cautious investor sentiment for its favorable stance on the stocks. Valuation multiples have recovered off mid-2023 lows, but remain attractive, says JPMorgan.